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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-08-002137.txt : 20080818
<SEC-HEADER>0000950103-08-002137.hdr.sgml : 20080818
<ACCEPTANCE-DATETIME>20080818070422
ACCESSION NUMBER:		0000950103-08-002137
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20080815
FILED AS OF DATE:		20080818
DATE AS OF CHANGE:		20080818

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:		081024028

	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
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6-K</font></div>
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the Securities Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">For the
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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></div>
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by check mark if the registrant is submitting the Form 6-K in paper as permitted
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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></div>
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is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): <font style="DISPLAY: inline; TEXT-DECORATION: underline">N/A</font></font></div>
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      <div>
        <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
        <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
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      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        <div id="HDR">
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          </div>
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        <div>&#160;</div>
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Technologies, Inc.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">INDEX TO
EXHIBITS<a name="BM_1_" /></font></div>
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    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Exhibit</font></div>
              </div>
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            <td valign="bottom" width="92%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="middle" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="92%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">99.1</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Himax
      Technologies, Inc. Notice of Annual General Meeting of
    Members</font></div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">99.2</font></div>
            </td>
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      Technologies, Inc. Proxy Statement</font></div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">99.3</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Himax
      Technologies, Inc. 2007 Annual
Report</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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        </div>
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      <div id="HDR">
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      </div>
      <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>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></div>
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      TECHNOLOGIES, INC.</font></div>
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          <tr>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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      </font></td>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Name:
      Max Chan</font></div>
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            <td align="left" valign="top" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Title:
      Chief Financial Officer</font></div>
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August 15th, 2008</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>dp11026_ex9901.htm
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="justify"><font style="FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Exhibit
99.1</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">HIMAX
TECHNOLOGIES, INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">NOTICE
OF ANNUAL GENERAL MEETING OF MEMBERS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">NOTICE IS HEREBY
GIVEN that the Annual General Meeting of Members (the &#8220;Meeting&#8221;) of Himax
Technologies, Inc., a Cayman Islands company (the &#8220;Company&#8221;), will be held at
9:00 a.m., local time, on September 10, 2008, at the Incubator at Tainan Science
Park, Room B101 (International Conference Hall) No. 12, Nanke 2<font style="DISPLAY: inline; FONT-SIZE: 9pt; VERTICAL-ALIGN: super; FONT-FAMILY: Arial">nd</font>
Road, Tainan Science Park, Tainan County, Taiwan, for the following
purposes:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
adopt the 2007 audited accounts and financial reports</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
re-elect Jung-Chun Lin as a director of the Company</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Arial">To
transact any other business properly brought before the
Meeting</font></font></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Members of record at
the close of business on July 21, 2008 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></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Pursuant to the
Company&#8217;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></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Please note that the
Company&#8217;s 2007 annual report has been published on the Company&#8217;s website and
hard copies of the annual reports of the Company are also available for
shareholders upon request. Should you want to obtain a copy of our annual
report, you can (1) view the annual report at the Company&#8217;s website at
http://www.himax.com.tw/en/investor/ir-Financial-Information.asp; (2) notify the
Company of your email address if you request for a soft copy; (3) notify the
Company of your mailing address if you request for a hard copy. Below please
find the Company&#8217;s IR contact information:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Email:
jessie_wang@himax.com.tw&#160;&#160;&#160;&#160;or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Address: Investor
Relations, Himax Technologies, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">10F, No. 1,
XiangYang Road, Taipei 10046, Taiwan</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">By
Order of the Board of Directors</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><img src="wu_sig.jpg"></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Jordan
Wu</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Director, CEO and
President</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">July 28,
2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>dp11026_ex9902.htm
<TEXT>
<html>
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99.2</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">PROXY
STATEMENT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">This Proxy Statement
is being furnished pursuant to the Proxy Form for the Annual General Meeting
(&#8220;AGM&#8221;) of Himax Technologies, Inc. (&#8220;Himax&#8221; or the &#8220;Company&#8221;) to be held on Sep
10, 2008 at 9:00 a.m. (Taiwan time).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font size="+0"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">I.&#160;&#160;
</font><font id="TAB2" style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; LETTER-SPACING: 9pt">&#160;
</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">SHAREHOLDER
ADOPTION OF THE COMPANY&#8217;S 2007 AUDITED ACCOUNTS AND FINANCIAL
REPORT</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
Company seeks shareholder adoption of the Company&#8217;s 2007 audited accounts (the
&#8220;Audited Accounts&#8221;), which have been prepared under United States Generally
Accepted Accounting Principles, in respect of the financial year ended December
31, 2007. Along with the Audited Accounts, the Company seeks shareholder
adoption of the report of the auditors in respect of the same financial period
(the &#8220;Reports of the Auditors&#8221;). A copy of each of the Company&#8217;s Audited
Accounts and the Reports of the Auditors is included in the 2007 Himax Annual
Report which is available on the Company&#8217;s website
(http://www.himax.com.tw/en/investor/ir-Financial-Information.asp).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Adoption of this
proposal requires the affirmative vote of a majority of the votes cast at the
AGM by the shareholders entitled to vote thereon.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
Board of Directors of the Company (the &#8220;Board of Directors&#8221;) recommends a vote
FOR this proposal.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font size="+0"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">II.
</font><font id="TAB2" style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial; LETTER-SPACING: 9pt">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">RETIREMENT
AND RE-ELECTION OF JUNG-CHUN LIN AS A DIRECTOR</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Jung-Chun Lin will
properly retire from his directorship position at Himax to be eligible for
re-election pursuant to the Articles of Association of Himax, and he has offered
himself for re-election as a Director of Himax.&#160;&#160;A retiring Director
shall be eligible for re-election.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Jung-Chun Lin is our
director. He has also been a director of Himax Taiwan since June 2001, a
director of Himax Display since July 2004 and a director of Himax Analogic since
July 2007. Mr. Lin also serves as a director, senior vice president, chief
financial officer and chief accounting officer of CMO and a senior vice
president of Chi Mei Corporation. Prior to joining CMO in 2000, Mr. Lin was vice
president of Chi Mei Corporation and had been with Chi Mei Corporation since
1971. Mr. Lin holds a B.S. degree in accounting from National ChengChi
University.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
affirmative vote of a majority of the votes cast at the AGM by the shareholders
entitled to vote thereon is required for the election of Jung-Chun Lin as a
director of Himax.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
Board of Directors recommends a vote FOR this proposal.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">OTHER
MATTERS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
of the date of this Proxy Statement, Himax does not intend to present and has
not been informed that any other person intends to present any business not
specified in this Proxy Statement for action at the meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Shareholders are
urged to sign the enclosed proxy form and to return it
promptly.&#160;&#160;Proxies will be voted in accordance with shareholders&#8217;
directions. Signing the proxy form does not affect a shareholder&#8217;s right to vote
in person at the meeting, and the proxy may be revoked prior to its exercise by
appropriate notice to the undersigned. If no directions are given, proxies will
be voted for the (1) adoption of Himax&#8217;s 2007 Audited Accounts and Financial
Reports and (2) re-election of Mr. Jung-Chun Lin as a Director.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      Technologies, Inc.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
          </tr>
          <tr>
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            <td align="left" valign="top" width="3%" style="PADDING-BOTTOM: 2px">
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            </td>
            <td align="left" colspan="2" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><img src="wu_sig.jpg"></font></div>
            </td>
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          </tr>
          <tr>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Name:</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jordan
      Wu</font></div>
            </td>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>6
<FILENAME>dp11026_ex9903.htm
<TEXT>
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      <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit
99.3</font><a name="BM_1_" /></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><img src="logo.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><img src="p1.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 14pt; COLOR: #808080; FONT-FAMILY: Arial">2007 Annual
Report</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page1"><br></a></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: arial, sans-serif"><a name="page2">LETTER TO SHAREHOLDERS</a></font><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Dear&#160;&#160;Shareholders:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2007 was a
remarkable year for Himax as our revenues and net income both came in at
historical highs. In addition, we have made a few strategic moves in both our
display driver business and non-driver business, which we believe have set a
solid foundation for Himax to achieve the next level of growth in the long
term.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As a result of our
continued efforts in broadening our product offerings and innovations, servicing
our customers, and managing our costs, we generated revenue of US$918.2 million
and net income of US$112.6 million in 2007. These figures represent an
astounding year-over-year growth of 23.3% and 49.7%, respectively.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our acquisition of
Wisepal, a display driver IC design company focusing on small-and medium-sized
applications, was officially closed on Feb. 1, 2007. This acquisition has
accelerated Himax&#8217;s penetration into tier-one handset brands and strengthened
our position as one of the world&#8217;s leaders in the small-and medium-sized
applications.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Capitalizing on our
successes as a leading display driver supplier in the flat panel display
industry, we continue to invest heavily in non-driver products and have formed
business alliances with leading players in the industry.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In the beginning of
2008, Chi Mei Optoelectronics, one of the world&#8217;s leading LCD panel
manufacturers, and TPV Technologies, the world&#8217;s largest LCD monitor
manufacturer and the world&#8217;s largest LCD TV ODM, each took minority ownership in
Himax Media Solutions, a subsidiary of Himax. We believe that these strategic
investments will provide Himax Media Solutions with added competitive strength
and further validate our strategy in the LCD TV and monitor chipset
space.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Separately, we&#8217;ve
announced a strategic alliance with 3M, one of the worlds&#8217; leading companies in
optics technologies. We plan to commercialize LCOS mobile projectors by
combining each company&#8217;s proprietary technologies to deliver a complete mobile
projector solution to consumer electronics manufacturers. We believe the
solution will be adopted in various applications, making it among the preeminent
mobile projector solutions in the marketplace.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Looking ahead,
despite uncertainties in the worldwide economy, we remain fully committed to
making Himax a world- leading semiconductor solution provider for flat panel
displays. The recent developments in Himax Media Solutions and the strategic
alliance with 3M are illustrations of our continued efforts toward that goal. We
anticipate that these strategic alliances and recent non-display driver
innovations will provide added and future value to our shareholders going
forward.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">To add further value
to our shareholders, we completed a $50 million share repurchase program in
February 2007 and announced another $40 million program in November 2007. In
addition, we distributed a cash dividend of $0.20 per share in October 2007 and
$0.35 per share in June 2008, respectively.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In closing,
circumstances in today&#8217;s financial markets make the challenges posed to the
industry and Himax, particularly difficult. With growth slowing and reduced
consumer spending, we continue to seek novel innovation and opportunity to
expand our addressable markets. Thanks to the work and the dedication of our
employees and the strength of our technology and service which are key factors
to bring us to where we are today, we are in a strong position to overcome these
challenges.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We&#160;thank&#160;you&#160;for&#160;your&#160;support.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Sincerely,</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><img src="wu_sig.jpg" alt=""><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 342pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">President&#160;&#160;and&#160;&#160;CEO</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 12pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: arial, sans-serif"><a name="page3">ANNUAL REPORT TO SHAREHOLDERS FOR THE YEAR 2007</a></font></div>
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        <div>
          <div align="left">&#160;</div>
        </div>
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                <td width="95%">
                  <div><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Special&#160;Note&#160;Regarding&#160;Forward-Looking&#160;Statements&#160;</font></div>
                </td>
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                </td>
              </tr>
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                <td width="95%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td width="5%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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      Data&#160;&#160;</font></div>
                </td>
                <td width="5%">
                  <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;4</font></div>
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              </tr>
              <tr bgcolor="white">
                <td width="95%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td width="5%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              </tr>
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                </td>
                <td width="5%">
                  <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;6</font></div>
                </td>
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                <td width="95%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                  <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;24</font></div>
                </td>
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                <td width="95%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                  <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">43</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="95%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td width="5%">
                  <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">52</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="95%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td width="95%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated&#160;Financial&#160;Statements</font></td>
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                  <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">56</font></div>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 96pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: arial, sans-serif">FORWARD-LOOKING
STATEMENTS</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">This annual report
on Form 20-F contains &#8220;forward-looking statements&#8221; 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, or the Exchange Act. 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
&#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;estimate&#8221; 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, and other factors. For a discussion of these risks and
other factors, please see &#8220;Item 3.D. Key Information&#8211; Risk Factors&#8221; of our 2007
20-F filing dated June 20, 2008.</font></div>
      <div>&#160;</div>
      <div><br>&#160;</div>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3</font></div>
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</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The selected
consolidated statement of income data and selected consolidated cash flow data
for the years ended December 31, 2005, 2006 and 2007 and the selected
consolidated balance sheet data as of December 31, 2006 and 2007 are derived
from our audited consolidated financial statements included herein, which were
prepared in accordance with U.S. GAAP. The selected consolidated balance sheet
data as of December 31, 2003, 2004 and 2005 and the selected consolidated
statement of operations data and consolidated cash flow data for the years ended
December 31, 2003 and 2004 have been derived from our audited consolidated
financial statements that have not been included herein 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 reorganization, 100% of
our outstanding ordinary shares immediately prior to our initial public offering
were owned by former shareholders of Himax Taiwan. 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 &#8220;Operating and Financial Review and Prospects&#8221; and the
consolidated financial statements and the notes to those statements included
herein.</font></div>
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              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr>
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              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">29,050</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">329,886</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">371,267</font></td>
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              <td align="left" valign="bottom" width="40%">
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              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">102,793</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">190,759</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">322,784</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">General&#160;&#160;and&#160;&#160;administrative</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales&#160;&#160;and&#160;&#160;marketing</font></div>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Operating&#160;&#160;income</font></div>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;&#160;income&#160;&#160;(loss)(2)</font></div>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="40%">
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ADS(3):</font></div>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Diluted</font></div>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash&#160;&#160;dividends&#160;&#160;declared&#160;&#160;per&#160;&#160;ordinary</font></div>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.00</font></td>
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              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.00</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
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</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">4</font></div>
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</font></div>
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      <div><br>&#160;</div>
      <div>
        <div>&#160;</div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <tr>
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                <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,124</font></td>
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              <tr bgcolor="white">
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                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 12.8pt"></font><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">537</font></font></td>
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                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,324</font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 9.35pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</font></div>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
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                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
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                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
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                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,150</font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">20,321</font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              </tr>
          </table>
        </div>
        <div align="center">
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><a name="page6"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In&#160;&#160;2007,&#160;&#160;of&#160;&#160;the&#160;&#160;$20.3&#160;&#160;million&#160;&#160;in&#160;&#160;share-based&#160;&#160;compensation,&#160;&#160;$14.4&#160;&#160;million&#160;&#160;was&#160;&#160;settled&#160;&#160;in&#160;&#160;cash.</font></a></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(2)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">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, respectively, for the year ended December 31,
      2005, $59.2 million, $0.31 and $0.30, respectively, for the year ended
      December 31, 2006, and $85.6 million, $0.43, and $0.43, respectively, for
      the year ended December 31, 2007. A portion of these tax exemptions
      expires on March 31, 2009, December 31, 2010 and December 31, 2012,
      respectively.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(3)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Each&#160;&#160;ADS&#160;&#160;represents&#160;&#160;one&#160;&#160;ordinary&#160;&#160;share.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(4)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In November
      2005, we distributed a special cash dividend of approximately $0.075 per
      share in respect of our performance prior to our initial public offering.
      This special cash dividend should not be considered representative of the
      dividends that would be paid in any future periods or our dividend
      policy.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The following table
presents our selected consolidated balance sheet data as of December 31, 2003,
2004, 2005, 2006 and 2007 and selected consolidated cash flow data for the years
ended December 31, 2003, 2004, 2005, 2006 and 2007:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div>&#160;</div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">As
      of December 31,</font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              </tr>
              <tr>
                <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2003</font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2004</font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              </tr>
              <tr>
                <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="18" valign="bottom" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160; <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in
      thousands)</font></font></font></td>
                <td align="left" nowrap valign="bottom" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              </tr>
              <tr>
                <td align="left" valign="bottom">
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 9.35pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated
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                </td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              </tr>
              <tr bgcolor="#d5eaea">
                <td align="left" valign="bottom" width="45%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 9.35pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash and cash
      equivalents(1)</font></div>
                </td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,529</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,577</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7,086</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">109,753</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">94,780</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="bottom" width="45%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 9.35pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accounts
      receivable, net</font></div>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">54,092</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">144,414</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">300,056</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">538,272</font></td>
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                <td align="left" valign="bottom" width="45%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 9.35pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">96,159</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">157,770</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">652,762</font></td>
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                <td align="left" valign="bottom" width="45%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 9.35pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accounts
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                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22,901</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">38,649</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" width="45%">
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <tr bgcolor="white">
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                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <tr bgcolor="#d5eaea">
                <td align="left" valign="bottom" width="45%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 9.35pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated
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                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <tr bgcolor="white">
                <td align="left" valign="bottom" width="45%">
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <tr bgcolor="#d5eaea">
                <td align="left" valign="bottom" width="45%">
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              </tr>
              <tr bgcolor="white">
                <td align="left" valign="bottom" width="45%">
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">81,886</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(67,241</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
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        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        </div>
      </div>
      <div align="center">
        <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Note:
(1)&#160;&#160;&#160; Cash and cash equivalents at December 31, 2006 increased
significantly as compared to December 31, 2005. This increase was primarily due
to net proceeds of $147.4 million received from our initial public offering in
April 2006, which also caused the increase in our stockholders' equity by the
same amount.</font></div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: arial, sans-serif"><a name="page7">INFORMATION ON THE COMPANY</a></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">History&#160;&#160;and&#160;&#160;Development&#160;&#160;of&#160;&#160;the&#160;&#160;Company</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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. 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></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 &#8220;3222.&#8221; Himax Taiwan&#8217;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></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On September 26,
2005, we changed our name to &#8220;Himax Technologies, Inc.,&#8221; and on October 17,
2005, Himax Taiwan changed its name to "Himax Technologies Limited" upon the
approval of shareholders of both companies and amendments to the respective
constitutive documents. We effected the name exchange in order to maintain
continuity of operations and marketing under the trade name &#8220;Himax Technologies,
Inc.,&#8221; which had been previously used by Himax Taiwan.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In February 2007, we
completed the acquisition of Wisepal, a driver IC company focusing on small and
medium-sized applications. This transaction further strengthened our competitive
position in the small and medium-sized product areas and broadened our supplier
base, thereby securing additional foundry capacity, optimizing our foundry mix
and further diversifying our technology and product mix.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On
October 12, 2007, we formed Himax Media Solutions, Inc., which oversees our
TFT-LCD television and monitor chipset business with a focus on expanding market
share in the global TFT-LCD television and monitor chipset market.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our principal
executive offices are located at No. 26, Zih Lian Road, Fonghua Village, Sinshih
Township, Tainan County 74445, 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, Foshan, Ningbo, Beijing, Shanghai and Shenzhen,
China; Yokohama and Matsusaka, Japan; Anyangsi Kyungkido, South Korea; and
Irvine, California, USA.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Investor inquiries
should be directed to our Investor Relations department, at +886-2-2370-3999
ext. 22618 or by email to jessie_wang@himax.com.tw. 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></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">6</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page8"><br></a></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our
ADSs have been listed on the Nasdaq Select Global Market since March 31, 2006.
Our ordinary shares are not listed or publicly traded on any trading
markets.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Business&#160;&#160;Overview</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We design, develop
and market semiconductors that are critical components of flat panel displays.
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 offerings to include non-driver products such as timing controllers,
TFT-LCD television and monitor chipsets, LCOS microdisplays, and power
management ICs. 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></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Industry&#160;&#160;Background</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Flat&#160;&#160;Panel&#160;&#160;Display&#160;&#160;Semiconductors</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Flat panel displays
require different semiconductors depending upon the display technologies and the
application. Some of the most important ones include the following:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 27pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Display Driver</font>. The
      display driver receives image data from the timing controller and delivers
      precise analog<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>voltages or
      currents to create images on the display. The two main types of display
      drivers for a TFT-LCD panel are gate drivers and source drivers. Gate
      drivers turn on the transistor within each pixel cell on the horizontal
      line on the panel for data input at each row. Source drivers receive image
      data from the timing controller and generate voltage that is applied to
      the liquid crystal within each pixel cell on the vertical line on the
      panel for data input at each column. The combination determines the colors
      generated by each pixel. Typically multiple gate drivers and source
      drivers are installed separately on the panel. However, for certain small
      and medium-sized applications, gate drivers and source drivers are
      integrated into a single chip due to space and cost considerations.
      Large-sized panels typically have higher resolution and require more
      display drivers than small and medium-sized
  panels.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 27pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Timing Controller</font>. The
      timing controller receives image data and converts the format for the
      source drivers' input.<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>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 certain small and medium-sized
      applications, however, the timing controller may be integrated with
      display drivers.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 27pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Scaler</font>. For certain
      displays, a scaler is installed to magnify or shrink image data in order
      for the image to fill the<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>panel.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 27pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Operational Amplifier</font>.
      An operational amplifier supplies the reference voltage to source drivers
      in order to make<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>their output
      voltage uniform.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 27pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Television Chipset</font>.
      Television flat panel displays require chipsets that typically contain all
      or some of the following<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>components: an
      audio processor, analog interfaces, digital interfaces, a video processor,
      a channel receiver and a digital television decoder. See &#8220;&#8211;Product&#8211;TFT-LCD
      Television and Monitor Semiconductor Solutions&#8211;TFT-LCD Television and
      Monitor Chipsets&#8221; for a description of these
  components.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 27pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Others</font>. Flat panel
      displays also require multiple general purpose semiconductors such as
      memory, power converters<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>and
      inverters.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Characteristics&#160;&#160;of&#160;&#160;the&#160;&#160;Display&#160;&#160;Driver&#160;&#160;Market</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">7</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page9"><br></a></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">projected growth in
the demand for flat panel displays will result in the growth in demand for
display drivers. The display driver market has specific characteristics,
including those discussed below.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Concentration&#160;&#160;of&#160;&#160;Panel&#160;&#160;Manufacturers</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The global TFT-LCD
panel industry consists of a small number of manufacturers, substantially all of
which 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 ours. 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' display driver requirements.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Customization&#160;&#160;Requirements</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Each panel display
has a unique pixel design to meet its particular requirements. To optimize the
panel&#8217;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' specific needs in order to
optimize the performance of their products.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Mixed-Signal&#160;&#160;Design&#160;&#160;and&#160;&#160;High-Voltage&#160;&#160;CMOS&#160;&#160;Process&#160;&#160;Technology</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 operating at 10 to 18 volts for source drivers and 10 to 45 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 0.13 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></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Special&#160;&#160;Assembly&#160;&#160;and&#160;&#160;Testing&#160;&#160;Requirements</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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
known as COF. The type of assembly used depends on the panel manufacturer&#8217;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></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">8</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page10"><br></a></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Supply&#160;&#160;Chain&#160;&#160;Management</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 &#8220;supply chain.&#8221; 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&#8217; 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&#8217;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></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Need&#160;&#160;for&#160;&#160;Higher&#160;&#160;Level&#160;&#160;of&#160;&#160;Integration</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The small form
factor of mobile handsets and certain consumer electronics products restricts
the space for components. Small and medium-sized panel applications typically
require one or more source drivers, one or more gate drivers 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></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Products</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We&#160;&#160;have&#160;&#160;four&#160;&#160;principal&#160;&#160;product&#160;&#160;lines:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 27pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">display&#160;&#160;drivers&#160;&#160;and&#160;&#160;timing&#160;&#160;controllers;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 27pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">TFT-LCD&#160;&#160;television&#160;&#160;and&#160;&#160;monitor&#160;&#160;semiconductor&#160;&#160;solutions;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 27pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">LCOS&#160;&#160;products;&#160;&#160;and</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 27pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">power&#160;&#160;management&#160;&#160;ICs.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We commenced volume
shipments of our first source and gate drivers 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 and started volume shipment in June
2006. We commenced shipping engineering samples of power management ICs in
October 2006 and started volume shipments in January 2007.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Display&#160;&#160;Drivers&#160;&#160;and&#160;&#160;Timing&#160;&#160;Controllers</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Display&#160;&#160;Driver&#160;&#160;Characteristics</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page11"><br></a></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 9pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Resolution and Number of
      Channels</font>. Resolution refers to the number of pixels per line
      multiplied by the number<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>of lines, which
      determines the level of fine detail within an image displayed on a panel.
      For example, a color display screen with 1,024 x 768 pixels has 1,024 red
      columns, 1,024 green columns and 1,024 blue columns for a total of 3,072
      columns and 768 rows. The red, green and blue columns are commonly
      referred to as &#8220;RGB.&#8221; Therefore, the display drivers need to drive 3,072
      column outputs and 768 row outputs. The number of display drivers required
      for each panel depends on the resolution. For example, an XGA (1,024 x 768
      pixels) panel requires eight 384 channel source drivers (1,024 x 3 = 384 x
      8) and three 256 channel gate drivers (768 = 256 x 3), while a SXGA (1,280
      x 1,024 pixels) panel requires ten 384 channel source drivers and four 256
      channel gate drivers. The number of display drivers required can be
      reduced by using drivers with a higher number of channels. For example, a
      SXGA panel can have eight 480 channel source drivers or four 960 channel
      source drivers instead of ten 384 channel source drivers. Thus, using
      display drivers with a higher number of channels can reduce the number of
      display drivers required for each panel, although display drivers with a
      higher number of channels typically have higher unit
  costs.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 9pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Color Depth</font>. Color
      depth is the number of colors that can be displayed on a screen, which is
      determined by the<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>number of shades
      of a color, also known as grayscale, that can be shown by the panel. For
      example, a 6-bit source driver is capable of generating 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">6</font> x
      2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">6</font> x
      2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">6</font> =
      2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">18</font>,
      or 262K colors, and similarly, an 8-bit source driver is capable of
      generating 16 million colors. Typically, for TFT-LCD panels currently in
      commercial production, 262K and 16 million colors are supported by 6-bit
      and 8-bit source drivers,
respectively.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 9pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Operational Voltage</font>. A
      display driver operates with two voltages: the input voltage (which
      enables it to receive<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>signals from the
      timing controller) and the output voltage (which, in the case of source
      drivers, is applied to liquid crystals and, in the case of gate drivers,
      is used to switch on the TFT device). Source drivers typically operate at
      input voltages from 3.3 to 1.5 volts and output voltages between 10 to 18
      volts. Gate drivers typically operate at input voltages from 3.3 to 1.5
      volts and output voltages from 10 to 45 volts. Lower input voltage saves
      power and lowers electromagnetic interference, or EMI. Output voltage may
      be higher or lower depending on the characteristics of the liquid crystal
      (or diode), in the case of source drivers, or TFT device, in the case of
      gate drivers.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 9pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Gamma Curve</font>. The
      relationship between the light passing through a pixel and the voltage
      applied to it by the<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>source driver is
      nonlinear and is referred to as the &#8220;gamma curve&#8221; of the source driver.
      Different panel designs and manufacturing processes require source drivers
      with different gamma curves. Display drivers need to adjust the gamma
      curve to fit the pixel design. Due to the materials and processes used in
      manufacturing, panels may contain certain imperfections which can be
      corrected by the gamma curve of the source driver, a process which is
      generally known as &#8220;gamma correction.&#8221; For certain types of liquid
      crystal, the gamma curves for RGB cells are significantly different and
      thus need to be independently corrected. Some advanced display drivers
      feature three independent gamma curves for RGB
  cells.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 9pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Driver Interface</font>.
      Driver interface refers to the connection between the timing controller
      and display drivers. Display<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>drivers
      increasingly require higher bandwidth interface technology to address the
      larger data volume necessary for video images. Panels used for higher data
      transmission applications such as televisions require more advanced
      interface technology. The principal types of interface technologies are
      transistor-to-transistor logic, or TTL, reduced swing differential
      signaling, or RSDS, and mini-low voltage differential signaling, or
      mini-LVDS. Among these, RSDS and mini-LVDS were developed as low power,
      low noise and low amplitude methods for high-speed data transmission using
      fewer copper wires and resulting in lower EMI. In 2005, we introduced two
      new display driver interfaces: dual edge TTL, or DETTL, and turbo RSDS.
      DETTL enables the interface to function with lower power (below 1.8V),
      thus reducing power consumption. Turbo RSDS is an upgraded version of RSDS
      which increases the interface frequency from 85MHz to 135MHz, thus
      reducing the bus width and panel
costs.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 9pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Package </font>Type. The
      assembly of display drivers typically uses TAB and COG package types. COF
      and TCP are<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>two types of TAB
      packages. Customers typically determine the package type required
      according to their specific mechanical and electrical considerations. In
      general, display drivers for small-sized panels use COG package type
      whereas display drivers for large-sized panels primarily use TAB package
      types and, to a lesser extent, COG package
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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. 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></div>
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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></div>
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introduced Cascade Modulated Driver Interface, or CDMI, technology, a patented
technology for LED notebook panels, benefits of which include a thin and light
form factor, lower material costs and lower power consumption and supports a
resolution of up to 1,920 x 1,200 pixels.</font></div>
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drivers for mobile handset displays that combine source driver, gate driver and
other functions into a single chip in various display technologies, such as
TFT-LCD, LTPS LCD and AMOLED. 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</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 and we integrated our proprietary low
power driving circuits and Content Adaptive Brightness Control, or CABC, into
display drivers 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></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;&#160;following&#160;&#160;table&#160;&#160;summarizes&#160;&#160;the&#160;&#160;features&#160;&#160;of&#160;&#160;our&#160;&#160;products&#160;&#160;for&#160;&#160;mobile&#160;&#160;handsets:</font></div>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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              <td align="left" valign="bottom" width="51%">
                <div style="DISPLAY: block; MARGIN-LEFT: 117pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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            <tr>
              <td valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Product</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">TFT-LCD&#160;&#160;Drivers</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">highly&#160;&#160;integrated&#160;&#160;single&#160;&#160;chip&#160;&#160;embedded&#160;&#160;with&#160;&#160;the&#160;&#160;source&#160;&#160;driver,&#160;&#160;gate&#160;&#160;driver,&#160;&#160;power</font></div>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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              <td valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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      portfolio suitable for a wide range of resolutions, including QQVGA (128 x
      160</font></div>
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            <tr>
              <td valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">pixels),&#160;&#160;QCIF&#160;&#160;(132&#160;&#160;x&#160;&#160;176&#160;&#160;pixels),&#160;&#160;QCIF+&#160;&#160;(176&#160;&#160;x&#160;&#160;220&#160;&#160;pixels),&#160;&#160;QVGA&#160;&#160;(240&#160;&#160;x&#160;&#160;320&#160;&#160;pixels),</font></div>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(e.g.,&#160;&#160;gate-less&#160;&#160;or&#160;&#160;multi-bank&#160;&#160;output&#160;&#160;driver)</font></div>
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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></div>
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drivers, gate drivers, timing controllers and integrated drivers for consumer
electronics products such as 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</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 battery life.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 117pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Features</font></div>
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              <td align="left" valign="bottom" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">TFT-LCD&#160;&#160;Source&#160;&#160;Drivers</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">240&#160;&#160;to&#160;&#160;1200&#160;&#160;output&#160;&#160;channels</font></div>
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              <td valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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      integrated single chip embedded with source driver, gate driver, timing
      controller</font></div>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Timing&#160;&#160;Controllers</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 the source
driver, gate driver, timing controller and power circuit into a single
chip.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">TFT-LCD&#160;&#160;Television&#160;&#160;and&#160;&#160;Monitor&#160;&#160;Semiconductor&#160;&#160;Solutions</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Himax Media
Solutions, our subsidiary, provides TFT-LCD television and monitor semiconductor
solutions. Set forth below are the various semiconductor components that may be
utilized in advanced televisions:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><img src="p13.jpg" alt=""></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left">
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</font></div>
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              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">13</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
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</font></div>
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        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><a name="page15" />&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">TFT-LCD&#160;&#160;Television&#160;&#160;and&#160;&#160;Monitor&#160;&#160;Chipsets</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Audio&#160;&#160;Processor/Amplifier</font>.&#160;&#160;Demodulates,&#160;&#160;processes&#160;&#160;and&#160;&#160;amplifies&#160;&#160;sound&#160;&#160;from&#160;&#160;television&#160;&#160;signals.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Analog Interfaces</font>.
      Convert analog video signals into digital video signals. Video decoder and
      analog-to-digital<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>converter, or
      ADC, are included.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
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                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
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      Receive digital signals via digital receivers. Digital visual interfaces,
      or DVI, and high-definition<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>multimedia
      interfaces, or HDMI, are included.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Channel&#160;&#160;Receiver.&#160;&#160;Demodulates&#160;&#160;input&#160;&#160;signals&#160;&#160;so&#160;&#160;that&#160;&#160;the&#160;&#160;output&#160;&#160;becomes&#160;&#160;compressed&#160;&#160;bit&#160;&#160;stream&#160;&#160;data.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">DTV Decoder</font>. Converts
      video and audio signals from compressed bit stream data into regular video
      and audio<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>signals.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Video Processor</font>.
      Performs the scaling function that magnifies or shrinks the image data in
      order to fit the panel&#8217;s<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>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></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We are developing
all of the above components and have shipped our analog TV single-chip solutions
in volume. Our analog TV single-chip solutions are designed for use in advanced
televisions as well as LCOS applications and our product portfolio includes
high-performance chips that target high-end segments as well as cost-effective
chips which target entry-level segments.</font></div>
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        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
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              <tr>
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              <tr>
                <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <tr>
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              <tr>
                <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <tr>
                <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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              </tr>
              <tr>
                <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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beginning to migrate into the mass-production stage for some commercial
applications and is expected to be utilized in near-to-eye applications 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. In January
2008, we announced a strategic alliance with 3M, one of the world's leading
companies in optics technology, to commercialize LCOS mobile projectors by
combining their proprietary technologies to deliver a complete mobile projection
solution to consumer electronics manufacturers. 3M developed, and is providing,
a miniature LED projection engine that incorporates the single-panel color
filter type LCOS module of Himax Display.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">14</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page16"><br></a></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;&#160;following&#160;&#160;table&#160;&#160;sets&#160;&#160;forth&#160;&#160;the&#160;&#160;features&#160;&#160;of&#160;&#160;our&#160;&#160;LCOS&#160;&#160;products:</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td align="left" valign="bottom" width="33%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Product</font></div>
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                <td valign="bottom" width="2%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                <td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Features</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="33%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">LCOS&#160;&#160;modules&#160;&#160;for&#160;&#160;near-to-eye,</font></div>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="2%">
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              </tr>
              <tr>
                <td align="left" valign="bottom" width="33%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">mini&#160;&#160;and&#160;&#160;mobile-projector</font></div>
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                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              </tr>
              <tr>
                <td align="left" valign="bottom" width="33%">
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              </tr>
              <tr>
                <td align="left" valign="bottom" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8226;&#160;</font></td>
                <td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8-bit&#160;&#160;(16&#160;&#160;million&#160;&#160;colors)</font></td>
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              <tr>
                <td align="left" valign="bottom" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8226;</font></td>
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              </tr>
              <tr>
                <td valign="bottom" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="2%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8226;</font></div>
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                <td align="left" valign="bottom" width="64%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">low&#160;&#160;power&#160;&#160;consumption</font></div>
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              </tr>
              <tr>
                <td align="left" valign="bottom" width="33%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">LCOS&#160;&#160;modules&#160;&#160;for&#160;&#160;projection</font></div>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8226;</font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">WXGA&#160;&#160;and&#160;&#160;Full&#160;&#160;HD&#160;&#160;resolutions</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="33%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">applications</font></div>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="2%">
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                <td align="left" valign="bottom" width="64%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8-bit&#160;&#160;(16&#160;&#160;million&#160;&#160;colors)</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              </tr>
          </table>
        </div>
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subsidiary, has three major products: class-D audio amplifiers, step-up DC-to-DC
switching regulators, and white light LED drivers.</font></div>
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      Amplifier</font>. The audio amplifier receives audio signals from the
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      signals to speaker(s). The input audio signal is converted into a sequence
      of pulses with fixed voltage. By means of a modulated pulse width and an
      external low-pass filter, the output audio signal will be &#8220;reproduced,&#8221;
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choice.</font></font></div>
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      power MOSFET (Metal-Oxide- Semiconductor Field-Effect Transistor) to
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      supply a higher voltage from a lower input voltage with an external
      inductor and diode. Electronic devices require various specific working
      voltages on different applications. However, there is normally one or two
      common power sources available. A step-up DC-to-DC converter plays an
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      make an electronic device work normally. In other words, most electronic
      devices need a step- up DC-to-DC converter as a stable working power
      supplier in various applications.</font></div>
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          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Product</font></div>
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                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                <td valign="bottom" width="2%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                <td valign="bottom" width="43%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Features</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">WLED&#160;&#160;Driver&#160;&#160;for&#160;&#160;Small/Medium</font></div>
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                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                <td align="left" valign="bottom" width="2%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8226;</font></div>
                </td>
                <td align="left" valign="bottom" width="43%">
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                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Size&#160;&#160;Panels</font></div>
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                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                <td align="left" valign="bottom" width="2%">
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                </td>
                <td align="left" valign="bottom" width="43%">
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              </tr>
              <tr>
                <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                <td align="left" valign="bottom" width="2%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8226;</font></div>
                </td>
                <td align="left" valign="bottom" width="43%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Capable&#160;&#160;of&#160;&#160;driving&#160;&#160;up&#160;&#160;&#160;to&#160;&#160;39&#160;&#160;LEDs&#160;&#160;(13&#160;&#160;strings&#160;&#160;of&#160;&#160;3&#160;&#160;LEDs)</font></div>
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                <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                <td align="left" valign="bottom" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Support&#160;&#160;200~25KHz&#160;&#160;PMM&#160;&#160;dimming&#160;&#160;control</font></td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="22%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">WLED&#160;&#160;Driver&#160;&#160;for&#160;&#160;Notebook&#160;&#160;Panels</font></div>
                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                <td align="left" valign="bottom" width="2%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8226;</font></div>
                </td>
                <td align="left" valign="bottom" width="43%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.5V&#160;&#160;to&#160;&#160;24V&#160;&#160;input&#160;&#160;voltage&#160;&#160;range</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8226;</font></td>
                <td align="left" valign="bottom" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Built-in&#160;&#160;1.3MHz&#160;&#160;step-up&#160;&#160;PWM&#160;&#160;converter&#160;&#160;(max.&#160;&#160;boost&#160;&#160;voltage:&#160;&#160;40V)</font></td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8226;</font></td>
                <td align="left" valign="bottom" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8&#160;&#160;constant&#160;&#160;current&#160;&#160;source&#160;&#160;channels</font></td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8226;</font></td>
                <td align="left" valign="bottom" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Capable&#160;&#160;of&#160;&#160;driving&#160;&#160;up&#160;&#160;to&#160;&#160;11&#160;&#160;LEDs&#160;&#160;in&#160;&#160;serial&#160;&#160;for&#160;&#160;each&#160;&#160;channel</font></td>
              </tr>
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        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Other&#160;&#160;Products&#160;&#160;and&#160;&#160;Services</font><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We
established Himax Imaging Inc., or Himax Imaging, in March 2007 to design,
develop and market semiconductors for CMOS image sensor applications. To date,
Himax Imaging has not generated any revenues.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Core&#160;&#160;Technologies&#160;&#160;and&#160;&#160;Know-How</font><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Driving System
Technology</font>. Through our collaboration with panel manufacturers, we have
developed extensive knowledge<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>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 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></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">High-Voltage CMOS
Circuit Design</font>. Unlike most other semiconductors, TFT-LCD display drivers
require a high output<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>voltage of 10 to 45
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></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">High-Bandwidth
Interfaces</font>. In addition to high-voltage circuit design, TFT-LCD display
drivers require high bandwidth<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>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></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Die Shrink and
Low Power Technologies</font>. Our engineers are highly skilled in employing
their knowledge of driving<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>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></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="+0"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Customers</font><br></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our
customers for display drivers are primarily panel manufacturers and mobile
device module manufacturers, who in turn design and market their products to
manufacturers of end-use products such as notebook computers,
desktop</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">16</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page18"><br></a></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">monitors,
televisions, mobile handsets and consumer electronics products. As of December
31, 2007, we sold our products to more than 70 customers. In 2005, 2006 and
2007, CMO and its affiliates accounted for 58.9%, 55.0% and 58.8% of our
revenues, respectively; CPT and its affiliates accounted for 16.2%, 12.4% and
7.3% of our revenues, respectively; and SVA-NEC and its affiliates accounted for
5.6%, 7.3% and 8.4% of our revenues, respectively. We expect that sales to CMO,
CPT and SVA-NEC and their affiliates will continue to account for a substantial
majority of our revenues in the near term.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Set
forth below (in alphabetical order) are our ten largest customers (and their
affiliates) based on revenues for the year ended December 31, 2007:</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Chi&#160;&#160;Lin&#160;&#160;Technology&#160;&#160;Co.,&#160;&#160;Ltd.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Chi&#160;&#160;Mei&#160;&#160;Optoelectronics&#160;&#160;Corp.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Chunghwa&#160;&#160;Picture&#160;&#160;Tubes,&#160;&#160;Ltd.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Excel&#160;&#160;Asian&#160;&#160;Taiwan&#160;&#160;Co.,&#160;&#160;Ltd.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">HannStar&#160;&#160;Display&#160;&#160;Corporation</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">InnoLux&#160;&#160;Display&#160;&#160;Corporation</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Perfect&#160;&#160;Display&#160;&#160;Limited</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Samsung&#160;&#160;Electronics&#160;&#160;Taiwan&#160;&#160;Co.,&#160;&#160;Ltd.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Shanghai&#160;&#160;SVA-NEC&#160;&#160;Liquid&#160;&#160;Crystal&#160;&#160;Display</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">TPO&#160;&#160;Displays&#160;&#160;Corporation</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our customers
typically provide us with a long-term (twelve-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></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Sales&#160;&#160;and&#160;&#160;Marketing</font><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 road maps. Our
engineers collaborate with our customers&#8217; 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></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We primarily sell
our products through our direct sales teams located in Taiwan, China, South
Korea and Japan. 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, Taiwan. We have regional offices in Hsinchu and Taipei,
Taiwan; Suzhou, Shenzhen, Foshan and Ningbo China; Yokohama and Matsusaka,
Japan; Anyangsi Kyungkido, South Korea; and Irvine, California, USA, all in
close proximity to our customers. For certain products or regions we may from
time to time sell our products through agents or distributors.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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'
time-to-market and maintaining a high level of customer
satisfaction.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">17</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page19"><br></a></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Manufacturing</font><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 engage 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></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="+0"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Manufacturing&#160;&#160;Stages</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div><img src="p18.jpg" alt=""></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left">
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-WEIGHT: bold">Wafer Fabrication</font>: </font>Based on our design,
the foundry provides us with fabricated wafers. Each fabricated wafer<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>contains many chips,
each known as a die.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-WEIGHT: bold">Gold
Bumping</font>: </font>After the wafers are fabricated, they are delivered to
gold bumping houses where gold bumps are<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>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></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-WEIGHT: bold">Chip
Probe Testing</font>: </font>Each individual die is electrically tested, or
probed, for defects. Dies that fail this test are<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>discarded.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-WEIGHT: bold">Assembly and Testing</font>: </font>Our display
drivers use two types of assembly technology: TAB or COG. Display drivers
for<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>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></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">18</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
            </div>
          </div><br>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page20"><br></a></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">TAB&#160;&#160;Assembly</font><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We use two types of
TAB technologies: TCP and COF. TCP and COF packages are both made of processed
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></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">
                <tr valign="top">
                  <td align="right" style="WIDTH: 27pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Inner-Lead Bonding</font>: The
      TCP and COF assembly process involves grinding the bumped wafers into
      their<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>required
      thickness and cutting the wafers into individual dies, or chips. An inner
      lead bonder machine connects the chip to the printed circuit processed
      tape and the package is sealed with resin at high
      temperatures.</font></div>
                  </td>
                </tr>
            </table>
          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">
                <tr valign="top">
                  <td align="right" style="WIDTH: 27pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Final Testing</font>: The
      assembled display drivers are tested to ensure that they meet performance
      specifications.<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>Testing takes
      place on specialized equipment using software customized for each
      product.</font></div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">COG&#160;&#160;Assembly</font><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Quality&#160;&#160;Assurance</font></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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&#8217; 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 our suppliers to evaluate such factors
as product quality, production costs, technological sophistication and timely
delivery.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In November 2002, we
received ISO 9001:2000 certification which was renewed in February 2008 and will
expire in February 2011. In February 2006, we received ISO 14001 certification
which was renewed in March 2008 and will expire in 2009. In addition, in March
2007, we received IECQ QC 080000 and OHSAS 18001 certifications which will
expire in 2010.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Semiconductor&#160;&#160;Manufacturing&#160;&#160;Service&#160;&#160;Providers&#160;&#160;and&#160;&#160;Suppliers</font><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 deliver high-quality products to our customers in a timely
manner.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 relationships with Macronix, Lite-on, Chartered, UMC,
Maxchip and Silicon. 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 Technologies Inc., International Semiconductor Technology Ltd., and
Siliconware Precision Industries Co., Ltd.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">19</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
            </div>
          </div><br>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page21"><br></a></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 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></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
table below sets forth (in alphabetical order) our principal semiconductor
manufacturing service providers and suppliers:</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div>
            <table cellpadding="0" cellspacing="0" width="100%">
                <tr>
                  <td valign="bottom" width="34%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Wafer&#160;&#160;Fabrication</font></div>
                  </td>
                  <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                  <td align="left" valign="bottom" width="34%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 81pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gold&#160;&#160;Bumping</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                  <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                  <td valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                </tr>
                <tr>
                  <td align="left" valign="bottom" width="34%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chartered&#160;&#160;Semiconductor&#160;&#160;Manufacturing&#160;&#160;Ltd.</font></div>
                  </td>
                  <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                  <td align="left" valign="bottom" width="34%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chipbond&#160;&#160;Technology&#160;&#160;Corporation</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="bottom" width="34%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Lite-on&#160;&#160;Semiconductor&#160;&#160;Corp.</font></div>
                  </td>
                  <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                  <td align="left" valign="bottom" width="34%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ChipMOS&#160;&#160;Technologies&#160;&#160;Inc.</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="bottom" width="34%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Macronix&#160;&#160;International&#160;&#160;Co.,&#160;&#160;Ltd.</font></div>
                  </td>
                  <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                  <td align="left" valign="bottom" width="34%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">International&#160;&#160;Semiconductor&#160;&#160;Technology&#160;&#160;Ltd.</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="bottom" width="34%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Maxchip&#160;&#160;Electronics&#160;&#160;Corp.&#160;&#160;(which&#160;&#160;was&#160;&#160;spun&#160;&#160;off&#160;&#160;from</font></div>
                  </td>
                  <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                  <td align="left" valign="bottom" width="34%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Siliconware&#160;&#160;Precision&#160;&#160;Industries&#160;&#160;Co.,&#160;&#160;Ltd.</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="bottom" width="34%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Powerchip&#160;&#160;Semiconductor&#160;&#160;Corp.&#160;&#160;on&#160;&#160;April&#160;&#160;1,&#160;&#160;2008)</font></div>
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2007, we held a total of 231 patents, including 134 in Taiwan, 66 in the United
States, 16 in China, 11 in Korea and 4 in Japan. The expiration dates of our
patents range from 2019 to 2027. We also have a total of 353 pending patent
applications in Taiwan, 364 in the United States and 208 in other jurisdictions,
including the PRC, Japan, Korea and Europe. In addition, we have registered
&#8220;Himax&#8221; and our logo as a trademark and service mark in Taiwan, China and Japan
and the United States.</font></div>
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          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
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              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">20</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page22"><br></a></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Competition</font><br></div>
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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></div>
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          <div>
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">customer&#160;&#160;relations;</font></div>
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                </tr>
            </table>
          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">
                <tr valign="top">
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">product&#160;&#160;performance;</font></div>
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                </tr>
            </table>
          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">
                <tr valign="top">
                  <td align="right" style="WIDTH: 27pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">design&#160;&#160;customization;</font></div>
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                </tr>
            </table>
          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">
                <tr valign="top">
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
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                </tr>
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          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">product&#160;&#160;integration;</font></div>
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                </tr>
            </table>
          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">
                <tr valign="top">
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">technical&#160;&#160;services;</font></div>
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                </tr>
            </table>
          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">
                <tr valign="top">
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
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                </tr>
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          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">
                <tr valign="top">
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
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                </tr>
            </table>
          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">
                <tr valign="top">
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
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                </tr>
            </table>
          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">
                <tr valign="top">
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">broad&#160;&#160;product&#160;&#160;portfolio.</font></div>
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                </tr>
            </table>
          </div>
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intense competition from other fabless display driver companies, including
Cheertek Incorporation, DenMOS Technology Inc., Fitipower Integrated Technology,
Inc., Ili Technology Corp., Leadis Technology, Inc., Novatek Microelectronics
Corp., Ltd., Orise Technology Co., Ltd., Raydium Semiconductor Corporation,
Sitronix Technology Co., Ltd., SmartASIC Technology, Inc. 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
customers.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 we do. Additionally, we
expect that as the flat panel semiconductor industry expands, more companies may
enter and compete in our markets.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our television
semiconductor solutions compete against solutions offered by a significant
number of semiconductor companies including Advanced Micro Devices, Inc.,
Broadcom Corporation, Huaya Microelecronics Inc., Mediatek Corp., Micronas
Semiconductor Holding AG, MStar Semiconductor, Inc., Novatek Microelectronics
Corp., NXP Semiconductor, Pixelworks Inc., Realtek Semiconductor Corp.,
STMicroelectronics, Sunplus Technology Co., Trident Microsystems, Inc. and Zoran
Corporation, among others, some of which focus solely on video processors or
digital TV solutions and others that offer a more diversified
portfolio.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">For LCOS products,
we face competition primarily from Sony Corporation, Victor Company of Japan,
Limited, also known as JVC, Displaytech Inc., Texas Instruments Incorporated's
digital light processing technology-based products and Microvision, Inc.'s
laser-based products in mini-projectors and mobile-projectors.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Insurance</font><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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. Additionally, we maintain director and officer liability
insurance. We do not have insurance for business interruptions, nor do we have
key person insurance.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">21</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
              </div>
            </div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page23"><br></a></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Environmental&#160;&#160;Matters</font><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial">Organizational&#160;&#160;Structure</font><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
following chart sets forth our corporate structure and ownership interest in
each of our principal operating subsidiaries and affiliates as of June 1,
2008.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div><img src="p22.jpg" alt=""></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><br></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">22</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                </div>
              </div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page24"><br></a></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;&#160;following&#160;&#160;table&#160;&#160;sets&#160;&#160;forth&#160;&#160;summary&#160;&#160;information&#160;&#160;for&#160;&#160;our&#160;&#160;subsidiaries&#160;&#160;as&#160;&#160;of&#160;&#160;June&#160;&#160;1,&#160;&#160;2008.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div>
              <table cellpadding="0" cellspacing="0" width="100%">
                  <tr>
                    <td valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Percentage&#160;&#160;of</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jurisdiction&#160;&#160;of</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;&#160;Paid-in</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Our&#160;&#160;Ownership</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Subsidiary</font></div>
                    </td>
                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td align="left" colspan="2" valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Main&#160;&#160;Activities</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Incorporation</font></div>
                    </td>
                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Capital</font></div>
                    </td>
                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Interest</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$&#160;&#160;(in&#160;&#160;millions)</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;&#160;Technologies&#160;&#160;Limited</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td align="left" colspan="2" valign="bottom" width="17%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">IC&#160;&#160;design&#160;&#160;and&#160;&#160;sales</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ROC</font></div>
                    </td>
                    <td align="right" colspan="2" valign="bottom" width="12%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">81.9</font></div>
                    </td>
                    <td colspan="2" valign="bottom" width="12%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;&#160;Technologies&#160;&#160;Anyang</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td align="left" colspan="2" valign="bottom" width="17%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">South&#160;&#160;Korea</font></div>
                    </td>
                    <td align="right" colspan="2" valign="bottom" width="12%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.5</font></div>
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                    <td colspan="2" valign="bottom" width="12%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Limited</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Wisepal&#160;&#160;Technologies,&#160;&#160;Inc.</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td align="left" colspan="2" valign="bottom" width="17%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">IC&#160;&#160;design&#160;&#160;and&#160;&#160;sales</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ROC</font></div>
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                    <td align="right" colspan="2" valign="bottom" width="12%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9.9</font></div>
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                    <td colspan="2" valign="bottom" width="12%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;&#160;Technologies</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td align="left" colspan="2" valign="bottom" width="17%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Investments</font></div>
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                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;&#160;Technologies</font></div>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1.5</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(Shenzhen)&#160;&#160;Co.,&#160;&#160;Ltd.</font></div>
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                    <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;&#160;Display,&#160;&#160;Inc.</font></div>
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                    <td align="left" colspan="2" valign="bottom" width="17%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">IC&#160;&#160;design,&#160;&#160;manufacturing</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">23.2</font></div>
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                  <tr>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td align="left" colspan="2" valign="bottom" width="17%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">and&#160;&#160;sales</font></div>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Integrated&#160;&#160;Microdisplays</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">IC&#160;&#160;design&#160;&#160;and&#160;&#160;sales</font></div>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Hong&#160;&#160;Kong</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1.1</font></div>
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                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Limited</font></div>
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                    <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;&#160;Analogic,&#160;&#160;Inc.</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td align="left" colspan="2" valign="bottom" width="17%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">IC&#160;&#160;design&#160;&#160;and&#160;&#160;sales</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ROC</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11.2</font></div>
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                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;&#160;Imaging,&#160;&#160;Inc.</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td align="left" colspan="2" valign="bottom" width="17%">
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="11%">
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100%</font></div>
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                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;&#160;Imaging&#160;&#160;Ltd.</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td align="left" colspan="2" valign="bottom" width="17%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">IC&#160;&#160;design&#160;&#160;and&#160;&#160;sales</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ROC</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2.1</font></div>
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                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="18%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;&#160;Imaging&#160;&#160;Corp.</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td align="left" colspan="2" valign="bottom" width="17%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">IC&#160;&#160;design&#160;&#160;and&#160;&#160;sales</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">California,&#160;&#160;USA</font></div>
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                    <td colspan="2" valign="bottom" width="12%">
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Argo&#160;&#160;Limited</font></div>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9.0</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100%</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tellus&#160;&#160;Limited</font></div>
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    </font></td>
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    </font></td>
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    </font></td>
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    </font></td>
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                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
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                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1)&#160;&#160;</font></div>
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                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Indirectly,&#160;&#160;through&#160;&#160;our&#160;&#160;100%&#160;&#160;ownership&#160;&#160;of&#160;&#160;Himax&#160;&#160;Technologies&#160;&#160;Limited.</font></div>
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                    <td align="right" style="WIDTH: 18pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(2)&#160;&#160;</font></div>
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                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Indirectly,&#160;&#160;through&#160;&#160;our&#160;&#160;88.1%&#160;&#160;ownership&#160;&#160;of&#160;&#160;Himax&#160;&#160;Display,&#160;&#160;Inc.</font></div>
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            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
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                    <td align="right" style="WIDTH: 18pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(3)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Directly&#160;&#160;and&#160;&#160;indirectly,&#160;&#160;through&#160;&#160;our&#160;&#160;100%&#160;&#160;ownership&#160;&#160;of&#160;&#160;Himax&#160;&#160;Technologies&#160;&#160;Limited&#160;&#160;which&#160;&#160;holds&#160;&#160;36.2%.</font></div>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0080c0; FONT-FAMILY: Arial">Property,&#160;&#160;Plants&#160;&#160;and&#160;&#160;Equipment</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In October 2006, we
completed construction on and relocated our corporate headquarters to a 22,172
square meter facility within the Tree Valley Industrial Park in Tainan, Taiwan.
The facility houses our research and development, engineering, sales and
marketing, operations and general administrative staff. Construction for our new
headquarters commenced in the fourth quarter of 2005 and was completed in the
fourth quarter of 2006. The total costs amounted to approximately $25.8 million,
of which approximately $10.2 million was for the land and approximately $15.6
million was for the construction of the building and related facilities (which
included architect fees, general contractor fees, building materials, the
purchase and installation of network, clean room, and office equipment and other
fixtures). We also lease office space in Taipei and Hsinchu, Taiwan; Suzhou,
Shenzhen, Foshan, Beijing, Shanghai and Ningbo, China; Yokohama and Matsusaka,
Japan; Anyangsi Kyungkido, South Korea; and Irvine, California, USA. The lease
contracts may be renewed upon expiration. Himax Display, our subsidiary, owns
and operates a fab with 3,040 square meters of floor space in a building leased
from CMO.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt">
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">23</font></div>
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                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                </div>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 71pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: arial, sans-serif"><a name="page25">OPERATING AND FINANCIAL REVIEW</a></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 71pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: arial, sans-serif">AND
PROSPECTS</font></div>
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            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0080c0; FONT-FAMILY: Arial">Operating&#160;&#160;Results</font></div>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0080c0; FONT-FAMILY: Arial">Overview</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We design, develop
and market semiconductors that are critical components of flat panel displays.
Our principal products are display drivers used in desktop monitors, notebook
computers, televisions, mobile handsets and consumer electronics products such
as digital cameras, mobile gaming devices and car navigation displays. We also
offer display drivers for panels utilizing OLED technology and LTPS technology.
We have also expanded our product offerings to include TFT-LCD television and
monitor chipsets, as well as LCOS products and power management ICs. We
primarily sell our display drivers to TFT-LCD panel manufacturers and mobile
device module manufacturers, and we sell our television semiconductor solutions
to television makers.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We commenced
operations through our predecessor, Himax Taiwan, in June 2001. We must, among
other things, continue to expand and diversify our customer base, broaden our
product portfolio, achieve additional design wins and manage our costs to
partially mitigate declining average selling prices in order to maintain our
profitability. Moreover, we must continue to address the challenges of being a
growing technology company, including hiring and retaining managerial,
engineering, operational and financial personnel and implementing and improving
our existing administrative, financial and operations systems.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We are a fabless
semiconductor company. We leverage our experience and engineering expertise to
design high- performance semiconductors and rely on third-party semiconductor
manufacturing service providers for wafer fabrication, gold bumping, assembly
and testing. We are able to take 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 providers that are the most suitable for any given product.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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, in particular, the TFT-LCD panel segment. Substantially all of our
revenues in 2007 were derived from sales of display drivers that were eventually
incorporated into TFT-LCD panels. We expect display drivers for TFT-LCD panels
to continue to be our primary products. The TFT-LCD panel industry is intensely
competitive and is vulnerable to cyclical market conditions. The average selling
prices of TFT-LCD panels could decline for numerous reasons, including the
following: a surge in manufacturing capacity due to the ramping up of new
fabrication facilities; manufacturers operating at high levels of capacity
utilization in order to reduce fixed costs per panel; and lower-than-expected
demand for end-use products that incorporate TFT-LCD panels. An oversupply of
large-sized TFT-LCD panels in 2006, resulted in downward pricing pressure on
TFT-LCD panel manufacturers which, in turn, resulted in similar downward pricing
pressure on us. We could not sufficiently reduce costs to completely offset such
downward pricing pressure, and cannot assure you that we will be able to reduce
costs to offset such downward pricing pressure in the future. Moreover, during
periods of declining average selling prices for TFT-LCD panels, TFT-LCD panel
manufacturers may decrease capacity utilization and sell fewer panels, which
could depress demand for our display drivers. As a result, the cyclicality of
the TFT-LCD panel industry could adversely affect our revenues, cost of revenues
and results of operations.</font></div>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0080c0; FONT-FAMILY: Arial">Factors&#160;&#160;Affecting&#160;&#160;Our&#160;&#160;Performance</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our
business, financial position and results of operations, as well as the
period-to-period comparability of our financial results, are significantly
affected by a number of factors, some of which are beyond our control,
including:</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">24</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                </div>
              </div><br></div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 36pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><a name="page26">average&#160;&#160;selling&#160;&#160;prices;</a></font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 36pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">unit&#160;&#160;shipments;</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 36pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">product&#160;&#160;mix;</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 36pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">design&#160;&#160;wins;</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 36pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">cost&#160;&#160;of&#160;&#160;revenues&#160;&#160;and&#160;&#160;cost&#160;&#160;reductions;</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 36pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">supply&#160;&#160;chain&#160;&#160;management;</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 36pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">share-based&#160;&#160;compensation&#160;&#160;expenses;&#160;&#160;and</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 36pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">signing&#160;&#160;bonuses.</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Average&#160;&#160;Selling&#160;&#160;Prices</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our performance is
affected by the selling prices of each of our products. We price our products
based on several factors, including manufacturing costs, life cycle stage of the
product, competition, technical complexity of the product, size of the purchase
order and our relationship with the customer. We typically are able to charge
the highest price for a product when it is first introduced. Although from time
to time we are able to raise our selling prices during times of supply
constraints, our average selling prices typically decline over a product&#8217;s life
cycle, which may be offset by changes in conditions in the semiconductor
industry such as constraints in foundry capacity. The general trend in the
semiconductor industry is for the average selling prices of semiconductors to
decline over a product's life cycle due to competition, production efficiencies,
emergence of substitutes and technological obsolescence. Our cost reduction
efforts also contribute to this decline in average selling prices. See &#8220;&#8211;Cost of
Revenues and Cost Reductions.&#8221; Our average selling prices are also affected by
the cyclicality of the TFT-LCD panel industry. There have been industry reports
of a possible oversupply of TFT-LCD panels starting from the fourth quarter of
2008. Any downward pricing pressure on TFT-LCD panel manufacturers could result
in similar downward pricing pressure on us. During periods of declining average
selling prices for TFT-LCD panels, TFT-LCD panel manufacturers may also decrease
capacity utilization and sell fewer panels, which could depress demand for our
display drivers. Our average selling prices are also affected by the packaging
type our customers choose as well as the level of product integration. However,
the impact of declining average selling prices on our profitability can be
offset or mitigated to a certain extent by increased volume, as lower prices may
stimulate demand and thereby drive sales.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Unit&#160;&#160;Shipments</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our performance is
also affected by the number of semiconductors we ship, or unit shipments. As our
display drivers are critical components of flat panel displays, our unit
shipments depend on our customers&#8217; panel shipments. Our unit shipments have
grown significantly since our inception primarily as a result of our increased
market share with certain major customers and their increased shipments of
large-sized panels. We have also continued to expand our customer base. Our
growth in unit shipments also reflected the significant growth in the display
driver market, as the demand for display drivers grew significantly in recent
years reflecting the strong demand for TFT-LCD panels.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Product&#160;&#160;Mix</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The proportion of
our revenues that is generated from the sale of different product types, also
referred to as product mix, also affects our average selling prices, revenues
and profitability. Our products vary depending on, among other things, the
number of output channels, the level of integration and the package type.
Variations in each of these specifications could affect the average selling
prices of such products. For example, the trend for display drivers for use in
large-sized panels is towards products with a higher number of channels, which
typically command higher average selling prices than traditional products with a
lower number of channels. However, panels that use higher- channel display
drivers typically require fewer display drivers per panel. As a result, our
profitability will be affected adversely to the extent that the decrease in the
number of display drivers required for each panel is not offset by increased
total unit shipments and/or higher average selling prices for display drivers
with a higher number of channels. The level of integration of our display
drivers also affects average selling prices, as more highly integrated chips
typically have higher selling prices. Additionally, average selling prices are
affected by changes in the package types used by our customers. For example, the
chip-on-glass package type typically has lower material costs because no
processed tape is required.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
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              </div>
            </div><br>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page27"><br></a></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Design&#160;&#160;Wins</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Achieving design
wins is important to our business, and it affects our unit shipments. Design
wins occur when a customer incorporates our products into their product designs.
There are numerous opportunities for design wins, including when panel
manufacturers:</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">introduce new
      models to improve the cost and/or performance of their existing products
      or to expand their product
portfolio;</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">establish&#160;&#160;new&#160;&#160;fabs&#160;&#160;and&#160;&#160;seek&#160;&#160;to&#160;&#160;qualify&#160;&#160;existing&#160;&#160;or&#160;&#160;new&#160;&#160;components&#160;&#160;suppliers;&#160;&#160;and</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">replace&#160;&#160;existing&#160;&#160;display&#160;&#160;driver&#160;&#160;companies&#160;&#160;due&#160;&#160;to&#160;&#160;cost&#160;&#160;or&#160;&#160;performance&#160;&#160;reasons.</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Design wins are not
binding commitments by customers to purchase our products. However, we believe
that achieving design wins is an important performance indicator. Our customers
typically devote substantial time and resources to designing their products as
well as qualifying their component suppliers and their products. Once our
products have been designed into a system, the customer may be reluctant to
change its component suppliers due to the significant costs and time associated
with qualifying a new supplier or a replacement component. Therefore, we strive
to work closely with current and prospective customers in order to anticipate
their requirements and product road maps and achieve additional design
wins.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Cost&#160;&#160;of&#160;&#160;Revenues&#160;&#160;and&#160;&#160;Cost&#160;&#160;Reductions</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We strive to control
our cost of revenues. Our cost of revenues as a percentage of total revenues for
2005, 2006 and 2007 were 77.6%, 80.8% and 78.0%, respectively. For the year
ended December 31, 2007, as a percentage of Himax Taiwan's total manufacturing
costs, the cost of wafer fabrication was 49.9%, the cost of processed tape was
21.6%, and the cost of assembly and testing was 26.8%. As a result, our ability
to manage our wafer fabrication costs, costs for processed tape and assembly and
testing costs is critical to our performance. In addition, to mitigate declining
average selling prices, we aim to reduce unit costs by, among other
things:</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">improving
      product design (e.g., having smaller die size allows for a larger number
      of dies on each wafer, thereby reducing the cost of each
    die);</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">improving
      manufacturing yields through our close collaboration with our
      semiconductor manufacturing service providers;
  and</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">achieving
      better pricing from semiconductor manufacturing service providers and
      suppliers, reflecting our ability to leverage our scale, volume
      requirements and close relationships as well as our strategy of sourcing
      from multiple service providers and
suppliers.</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="+0"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Supply&#160;&#160;Chain&#160;&#160;Management</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Due to the
competitive nature of the flat panel display industry and our customers&#8217; need to
maintain high capacity utilization in order to reduce unit costs per panel, any
delays in the delivery of our products could significantly disrupt our
customers' operations. To deliver our products on a timely basis and meet the
quality standards and technical specifications our customers require, we must
have assurances of high-quality capacity from our semiconductor manufacturing
service providers. We therefore strive to manage our supply chain by maintaining
close relationships with our key semiconductor manufacturing service providers
and strive to provide credible forecasts of capacity demand. Any disruption to
our supply chain could adversely affect our performance and could result in a
loss of customers as well as potentially damage our reputation.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Share-Based&#160;&#160;Compensation&#160;&#160;Expenses</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our results of
operations have been affected by, and we expect our results of operations to
continue to be affected by, our share-based compensation expenses. Our
share-based compensation expenses include charges taken relating to grants of
(i) nonvested shares to employees, (ii) treasury shares to employees and (iii)
shares to non-employees. We have since discontinued our practice of the
above-mentioned share-based compensation.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We&#160;&#160;adopted&#160;&#160;a&#160;&#160;long-term&#160;&#160;incentive&#160;&#160;plan&#160;&#160;in&#160;&#160;October&#160;&#160;2005&#160;&#160;which&#160;&#160;permits&#160;&#160;the&#160;&#160;grant&#160;&#160;of&#160;&#160;options&#160;&#160;or&#160;&#160;RSUs&#160;&#160;to&#160;&#160;our&#160;&#160;employees</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                  </div>
                </div>
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                </div>
              </div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page28"><br></a></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">and non-employees
where each unit represents one ordinary share. The actual awards will be
determined by our compensation committee. We recorded share-based compensation
expenses under the long-term incentive plan totaling 2.8 million, 14.5 million
and 20.1 million in 2005, 2006 and 2007, respectively. See &#8220;&#8211;Critical Accounting
Policies and Estimates-Share-Based Compensation Expenses.&#8221; Of the total
share-based compensation expenses recognized, $0, $0 and $14.4 million in 2005,
2006 and 2007, respectively, were settled in cash. We have applied SFAS No. 123
(revised 2004), Share-Based Payment, or SFAS No. 123R, to account for our
share-based compensation plans. SFAS No. 123R requires companies to measure and
recognize compensation expense for all share-based payments at fair
value.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Set
forth below is a summary of our historical share-based compensation plans as
reflected in our consolidated financial statements.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Nonvested Shares Issued to
Employees</font>. In June 2001, November 2001 and January 2002, Himax Taiwan
granted<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>nonvested
shares of common shares to certain employees for their future service. The
shares vest five years after the grant date. Employees leaving Himax Taiwan
before completing the five-year service period would be required to sell these
shares back to Himax Taiwan at NT$1.00 ($0.03) per share. The forfeiture of such
nonvested shares is limited to the original number of shares granted and does
not apply to the shares received for stock splits and dividends. Since none of
these shares has vested, we did not record a capital increase at the time the
shares were issued. Share-based compensation expenses in relation to these
nonvested shares are recognized on a straight-line basis over the five-year
service period with a corresponding increase to stockholders&#8217; equity. As of
December 31, 2006, the total compensation cost related to the actual number of
nonvested shares that vested had been fully recognized.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Treasury Shares Issued to
Employees</font>. In 2002 and 2003, treasury shares were issued to employees
with a three-year<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>vesting period. The
forfeiture of treasury shares issued to employees is based on the original
number of shares granted and does not include the shares received for stock
splits and dividends. We recognized the difference between the fair value of
these shares and the amount that an employee paid for treasury shares as
share-based compensation expenses on a straight-line basis over the three-year
service period with a corresponding increase to stockholders&#8217; equity. As of
December 31, 2006, the total compensation cost related to the actual number of
treasury shares that vest has been fully recognized.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Restricted Share Units
(RSUs)</font>. We adopted a long-term incentive plan in October 2005. We
committed to pay a bonus<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>to our employees to
settle the accrued bonus payable in respect of their service provided in 2004
and the ten months ended October 31, 2005, which was satisfied through a grant
of 990,220 RSUs on December 30, 2005. We accrued share-based compensation
expenses of approximately $4.1 million and $3.6 million in 2004 and the ten
months ended October 31, 2005, respectively, in connection with this commitment.
All RSUs granted to employees as a bonus vested immediately on the grant date.
The share-based compensation expenses accrued represents the portion of
compensation to employees for their service in 2004 and the ten months ended
October 31, 2005 and has been recorded as a liability and compensation expense
reflected in our results of operations for 2004 and the ten months ended October
31, 2005, respectively.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We made an
additional grant of 1,297,564 RSUs to our employees on December 30, 2005. The
vesting schedule for this RSU grant is as follows: 25% of the RSU grant vested
immediately on the grant date, and a subsequent 25% vested on each of September
30, 2006 and September 26, 2007, with the remainder vesting on September 30,
2008, subject to certain forfeiture events.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We also made a grant
of 20,000 RSUs to our independent directors on December 30, 2005. The vesting
schedule for this RSU grant is as follows: 25% of the RSU grant vested
immediately on the grant date, and a subsequent 25% vested on each of June 30,
2006 and 2007, with the remainder vesting on June 30, 2008, subject to certain
forfeiture events. No RSUs were granted to our independent directors in 2006 or
2007.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
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              </div>
            </div><br>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page29"><br></a></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We made a grant of
3,798,808 RSUs to our employees on September 29, 2006. The vesting schedule for
this RSU grant is as follows: 47.29% of the RSU grant vested immediately on the
grant date, and a subsequent 17.57% vested on September 26, 2007, with the
remainder vesting equally on each of September 30, 2008 and 2009, subject to
certain forfeiture events.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We made a grant of
6,694,411 RSUs to our employees on September 26, 2007. The vesting schedule for
this RSU grant is as follows: 54.55% of the RSU grant vested immediately and was
settled by cash in the amount of $14.4 million on the grant date, with the
remainder vesting equally on each of September 30, 2008, 2009 and 2010, which
will be settled by our ordinary shares, subject to certain forfeiture
events.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The amount of
share-based compensation expense with regard to the RSUs granted to our
directors and employees on December 30, 2005 was determined based on an
estimated fair value of $8.62 per ordinary share of the ordinary shares
underlying the RSUs. The fair value of our ordinary shares was determined based
on a third-party valuation conducted by an independent third-party appraiser.
The amount of share-based compensation expense with regard to the RSUs granted
to our employees on September 29, 2006 and September 26, 2007 was $5.71 and
$3.95 per ordinary share, respectively, which was based on the trading price of
our ADSs on that day.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">RSUs issued in connection with the
acquisition of Wisepal</font>. We made a grant of 418,440 RSUs to former
Wisepal<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>employees
in exchange for the unvested stock options held by such employees in Wisepal.
Wisepal&#8217;s unvested stock option where each RSU represents one of our ordinary
shares. The vesting schedule for this RSU grant is as follows: 30% of the RSUs
granted vested immediately, and a subsequent 10% vested on September 30, 2007,
with the remaining 33% and 27% of the RSU grant vesting on each of September 30,
2008 and 2009, respectively. The vested portion of the RSUs granted was included
in the purchase cost of Wisepal while the unvested portion is treated as post-
combination compensation expense, the value of which amounted to $0.9
million</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Determining the fair
value of our ordinary shares prior to our initial public offering requires
making complex and subjective judgments regarding projected financial and
operating results, our business risks, the liquidity of our shares and our
operating history and prospects. We used the discounted cash flow approach in
conjunction with the market value approach by assigning a different weight to
each of the approaches 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 our financial results and growth
trends to derive our total equity value. The assumptions used in deriving the
fair value are consistent with our business plan. These assumptions include: no
material changes in the existing political, legal, fiscal and economic
conditions in Taiwan; our ability to retain competent management, key personnel
and technical staff to support our ongoing operation; and no material deviation
in industry trends and market conditions from economic forecasts. These
assumptions are inherently uncertain. The risks associated with achieving our
forecasts were assessed in selecting the appropriate discount rate. If a
different discount rate were used, the valuation and the amount of share-based
compensation would have been different because the fair value of the underlying
ordinary shares for the RSUs granted would be different.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="+0"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Signing&#160;&#160;Bonuses</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">To
complement our share-based compensation scheme, Himax Taiwan adopted a signing
bonus system for newly recruited employees in the second half of
2006.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Employees are
entitled to receive signing bonuses upon (i) the expiration of their
probationary period and a satisfactory review by their supervisor, and (ii)
execution of a formal &#8220;retention and signing bonus agreement.&#8221; If an employee
leaves within 18 months (for any reason at all) of having commenced employment
with Himax Taiwan, 100% of the signing bonus will be returned. If an employee
leaves after 18 months but prior to 36 months after commencing employment with
Himax Taiwan, 50% of the signing bonus will be returned.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">28</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
              </div>
            </div><br>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page30"><br></a></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We
believe that under such a system, we will be better able to retain our
employees. The system is applicable to all newly recruited employees
irrespective of their function or position and is based on a prescribed
formula.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">For the years ended
December 31, 2006 and 2007, Himax Taiwan paid $3.4 million and $2.6 million,
respectively, in signing bonuses which was charged to earnings. Besides Himax
Taiwan, signing bonuses were adopted by four subsidiaries in 2007 and a total of
$0.6 million was paid to certain employees of our subsidiaries.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0080c0; FONT-FAMILY: Arial">Description&#160;of&#160;Certain&#160;Statements&#160;of&#160;Income&#160;Line&#160;Items</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Revenues</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We generate revenues
primarily from sales of our display drivers. We have achieved significant
revenue growth since our inception, primarily due to a significant increase in
unit shipments, partially offset by the general trend of declining average
selling prices of our products. Historically, we have generated revenues from
sales of display drivers for large- sized applications, display drivers for
mobile handsets and display drivers for consumer electronics products. In
addition, our product portfolio includes operational amplifiers, timing
controllers, TFT-LCD, television and monitor chipsets, LCOS products for
near-to-eye applications and mini-projectors, and power management
ICs.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
following table sets forth, for the periods indicated, our revenues by amount
and our revenues as a percentage of revenues by each product line:</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br><br>
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="22" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font>
      <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Percentage</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Percentage</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Percentage</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amount</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">of
      Revenues</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amount</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">of
      Revenues</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amount</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">of
      Revenues</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" colspan="11" valign="bottom">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands,&#160;except&#160;percentages)</font></div>
                      </td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;drivers&#160;for&#160;large-sized</font></div>
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                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;drivers&#160;for&#160;mobile
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;drivers&#160;for&#160;consumer
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <div align="left">&#160;</div>
            </div>
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customers account for substantially all our revenues. We are seeking to
diversify our customer base and to reduce our reliance on any one customer. We
began recognizing revenues from the sale of display drivers to CPT and its
affiliates in 2002 and began volume shipments to CPT and its affiliates in 2003.
Accordingly, the percentage of our revenues generated by sales to CMO and its
affiliates has decreased gradually since 2002, with the exception of 2007, when
sales to CMO and its affiliates increased due to CMO's capacity expansion, which
was higher than the industry average. The table below sets forth, for the
periods indicated, our revenues generated from our most significant customers
(including their respective affiliates) and such revenues as a percentage of our
total revenues:</font></div>
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            <div align="left">
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                  <tr>
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    </font></td>
                    <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                  <tr bgcolor="#d5eaea">
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO&#160;and&#160;its&#160;affiliates</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="28%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CPT&#160;and&#160;its&#160;affiliates</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">87,534</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 4px">
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                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
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                    <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                    <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">918,211</font></td>
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                    <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100.0</font></td>
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            <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">29</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
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</font></div>
              </div>
            </div><br>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page31"><br></a></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The global TFT-LCD
panel market is highly concentrated, with only a limited number of TFT-LCD panel
manufacturers producing large-sized TFT-LCD panels in high volumes. We sell
large-sized panel display drivers to many of these TFT- LCD panel manufacturers.
Our revenues, therefore, will depend on our ability to capture an increasingly
larger percentage of each panel manufacturer's display driver
requirements.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We derive
substantially all of our revenues from sales to Asia-based customers whose end
products are sold worldwide. In 2005, 2006 and 2007, approximately 89.4%, 81.4%
and 85.5% of our revenues, respectively, were from customers headquartered in
Taiwan. We believe that substantially all of our revenues will continue to be
from customers located in Asia, where almost all of the TFT-LCD panel
manufacturers and mobile device module manufacturers are located. As a result of
the regional customer concentration, we expect to continue to be particularly
subject to economic and political events and other developments that affect our
customers in Asia. A substantial majority of our sales invoices are denominated
in U.S. dollars.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="+0"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Costs&#160;&#160;and&#160;&#160;Expenses</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our
costs and expenses consist of cost of revenues, research and development
expenses, general and administrative expenses, sales and marketing expenses and
share-based compensation expenses.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Cost&#160;&#160;of&#160;&#160;Revenues</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;&#160;principal&#160;&#160;items&#160;&#160;of&#160;&#160;our&#160;&#160;cost&#160;&#160;of&#160;&#160;revenues&#160;&#160;are:</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">cost&#160;&#160;of&#160;&#160;wafer&#160;&#160;fabrication;</font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
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                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">cost&#160;&#160;of&#160;&#160;processed&#160;&#160;tape&#160;&#160;used&#160;&#160;in&#160;&#160;TAB&#160;&#160;packaging;</font></div>
                    </td>
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            <div>
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                  <tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">cost&#160;&#160;of&#160;&#160;gold&#160;&#160;bumping,&#160;&#160;assembly&#160;&#160;and&#160;&#160;testing;&#160;&#160;and</font></div>
                    </td>
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            </div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">
                  <tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
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                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">other&#160;&#160;costs&#160;&#160;and&#160;&#160;expenses.</font></div>
                    </td>
                  </tr>
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            </div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We outsource the
manufacturing of our semiconductors and semiconductor solutions to semiconductor
manufacturing service providers. The costs of wafer fabrication, gold bumping,
assembly and testing depend on the availability of capacity and demand for such
services. The wafer fabrication industry, in particular, is highly cyclical,
resulting in fluctuations in the price of processed wafers depending on the
available foundry capacity and the demand for foundry services.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Research&#160;&#160;and&#160;&#160;Development&#160;&#160;Expenses</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Research and
development expenses consist primarily of research and development employee
salaries, including signing bonuses and related employee welfare costs, costs
associated with prototype wafers, processed tape, mask and tooling sets,
depreciation on research and development equipment and acquisition-related
charges. We believe that we will need to continue to spend a significant amount
on research and development in order to remain competitive. We expect to
continue increasing our spending on research and development in absolute dollar
amounts in the future as we continue to increase our research and development
headcount and associated costs to pursue additional product development
opportunities.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">General&#160;&#160;and&#160;&#160;Administrative&#160;&#160;Expenses</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">General and
administrative expenses consist primarily of salaries of general and
administrative employees, including signing bonuses and related employee welfare
costs, depreciation on buildings, office furniture and equipment, rent and
professional fees. We anticipate that our general and administrative expenses
will increase in absolute dollar amounts as we expand our operations, hire
additional administrative personnel, incur depreciation expenses in connection
with our headquarters at the Tree Valley Industrial Park, and incur additional
compliance costs required of a publicly listed company in the United
States.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Sales&#160;&#160;and&#160;&#160;Marketing&#160;&#160;Expenses</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our
sales and marketing expenses consist primarily of salaries of sales and
marketing employees, including signing bonuses and related employee welfare
costs, travel expenses and product sample costs. We expect that our sales
and</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
              </div>
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                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
              </div>
            </div><br>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page32"><br></a></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">marketing expenses
will increase in absolute dollar amounts over the next several years. However,
we believe that as we continue to achieve greater economies of scale and
operating efficiencies, our sales and marketing expenses may decline over time
as a percentage of our revenues.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Share-Based&#160;&#160;Compensation&#160;&#160;Expenses</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our share-based
compensation expenses consist of various forms of share-based compensation that
we have historically issued to our employees and consultants, as well as
share-based compensation issued to employees, directors and service providers
under our 2005 long-term incentive plan. We allocate such share-based
compensation expenses to the applicable cost of revenues and expense categories
as related services are performed. See note 15 to our consolidated financial
statements. Historically our share-based compensation practice comprised grants
of (i) bonus shares to employees, (ii) nonvested shares to employees, (iii)
treasury shares to employees and (iv) shares to non- employees. We committed to
pay a bonus to our employees in respect of their services provided in 2004 and
the ten months ended October 31, 2005, which was satisfied through a grant of
RSUs on December 30, 2005. We accrued share-based compensation expenses of
approximately $4.1 million and $3.6 million in 2004 and the ten months ended
October 31, 2005, respectively, in connection with this commitment. We also
adopted a long-term incentive plan in October 2005 which permits the grant of
options or RSUs to our employees, directors and service providers. We granted
additional RSUs on December 30, 2005 to our employees and directors and again on
September 29, 2006 and September 26, 2007 to our employees. Share-based
compensation expenses recorded under the long-term incentive plan totaled 2.8
million, 14.5 million and 20.1 million in 2005, 2006 and 2007, respectively. See
&#8220;&#8211;Critical Accounting Policies and Estimates&#8211;Share-Based Compensation&#8221; for
further discussion of the accounting of such expenses.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Income&#160;&#160;Taxes</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Since we and our
direct and indirect subsidiaries are incorporated in different jurisdictions, we
file separate income tax returns. Under the current laws of the Cayman Islands,
we are not subject to income or capital gains tax. Additionally, dividend
payments made by us are not subject to withholding tax in the Cayman Islands. We
recognize income taxes at the applicable statutory rates in accordance with the
jurisdictions where our subsidiaries are located and as adjusted for certain
items including accumulated losses carried forward, non-deductible expenses,
research and development tax credits, certain tax holidays, as well as changes
in our deferred tax assets and liabilities.</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">ROC tax regulations
require our ROC subsidiaries to pay an additional 10% tax on unappropriated
earnings. ROC law offers preferential tax treatments to industries that are
encouraged by the ROC government. The ROC Statute for Upgrading Industries
entitles companies to tax credits for expenses relating to qualifying research
and development and personnel training expenses and purchases of qualifying
machinery. This tax credit may be applied within a five-year period. The amount
from the tax credit that may be applied in any year (with the exception of the
final year when the remainder of the tax credit may be applied without
limitation to the total amount of the income tax payable) is limited to 50% of
the income tax payable for that year. Under the ROC Statute for Upgrading
Industries, Himax Taiwan, Wisepal, Himax Display, Himax Analogic, Himax Media
Solutions and Himax Imaging were granted tax credits by the ROC Ministry of
Finance at rates set at a certain percentage of the amount utilized in
qualifying research and development and personnel training expenses. The balance
of unused investment tax credits totaled $9.4 million, $19.4 million and $32.7
million as of December 31, 2005, 2006 and 2007, respectively. In addition, the
ROC Statute for Upgrading Industries provides to companies deemed to be
operating in important or strategic industries a five-year tax exemption for
income attributable to expanded production capacity or newly developed
technologies. Such expanded production capacity or newly developed technologies
must be funded in whole or in part from either the initial capital investment
made by a company&#8217;s shareholders, a subsequent capital increase or a
capitalization of a company&#8217;s retained earnings. As a result of this statute,
income attributable to certain of Himax Taiwan&#8217;s expanded production capacity or
newly developed technologies is tax exempt for a period of five years, effective
on April 1, 2004, January 1, 2006 and January 1, 2008 and expiring on March 31,
2009, December 31, 2010 and December 31, 2012, respectively. If we did not have
this tax exemption, net income and basic and diluted earnings per ordinary share
would have been $85.6 million, $0.43 and $0.43 for the year ended December 31,
2007, respectively.</font></div>
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              <div id="FTR">
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</font></div>
              </div>
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                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">31</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
              </div>
            </div><br>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
              <div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Critical&#160;Accounting&#160;Policies&#160;and&#160;Estimates</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We
believe the following critical accounting policies affect our more significant
judgments and estimates used in the preparation of our consolidated financial
statements.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Share-Based&#160;Compensation</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Share-based
compensation primarily consists of grants of nonvested or restricted shares of
common stock, stock options 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, 2007, we based our
share-based compensation cost on an assumed forfeiture rate of 11% per annum for
awards granted under our long-term incentive plan. If actual forfeitures occur
at a lower rate, share-based compensation costs will increase in future
periods.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">When estimating the
fair value of our ordinary shares prior to our initial public offering, we
reviewed both internal and external sources of information. 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></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">our&#160;financial&#160;condition&#160;as&#160;of&#160;the&#160;date&#160;of&#160;grant;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">our&#160;financial&#160;and&#160;operating&#160;prospects&#160;at&#160;that&#160;time;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">for&#160;certain&#160;issuances&#160;in&#160;2001&#160;and&#160;early&#160;2002,&#160;the&#160;price&#160;of&#160;new&#160;shares&#160;issued&#160;to&#160;unrelated&#160;third&#160;parties;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">for certain
      issuances in 2002, 2003 and 2004, an independent third-party retrospective
      analysis of the historical value of our common shares, which utilized both
      a net asset-based methodology and market and peer group comparables
      (including average price/earnings, enterprise value/sales, enterprise
      value/earnings before interest and tax, and enterprise value/earnings
      before interest, tax, depreciation and amortization);
  and</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">for our
      issuance of RSUs in 2005, an independent third-party analysis of the
      current and future value of our ordinary shares, which utilized both
      discounted cash flow and market value approaches, using multiples such as
      price/earnings, forward price/earnings, enterprise value/earnings before
      interest and tax, and forward enterprise value/earnings before interest
      and tax.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 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. For our issuance of RSUs in 2006 and 2007,
the fair value of the ordinary shares underlying the RSUs granted to our
employees, was $5.71 and $3.95 per share, respectively, which was the closing
price of our ADSs on September 29, 2006 and September 26, 2007,
respectively.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Allowance&#160;for&#160;Doubtful&#160;Accounts,&#160;Sales&#160;Returns&#160;and&#160;Discounts</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
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                    </div>
                  </div>
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                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">32</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
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                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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. We evaluate our outstanding
accounts receivable on a monthly basis for collectibility purposes. In
establishing the required allowance, we consider our historical collection
experience, current receivable aging and the current trend in the credit quality
of our customers. The movement in the allowance for doubtful accounts, sales
returns and discounts for the years ended December 31, 2005, 2006 and 2007 is as
follows:</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at</font></div>
                        </td>
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                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year</font></div>
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                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">to&#160;expense</font></div>
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                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <tr>
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                        <td colspan="15" valign="bottom">
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                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="15" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" valign="bottom" width="56%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2005</font></div>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">240</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">398</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(457</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">181</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="56%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2006</font></div>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">181</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,843</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,156</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">868</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="56%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2007</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">868</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,705</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,080</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">493</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Inventory</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 fabricated wafers and processed
tape), direct labor and an appropriate proportion of production overheads. We
also write 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-downs may be required which 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-downs for the years ended December 31,
2005, 2006 and 2007 was approximately $927,000, $5.2 million and $14.8 million,
respectively, and are included in cost of revenues in our consolidated
statements of income. The inventory write-down was particularly high in 2007
primarily due to excess inventory issues related to shorter-than-expected
product life cycle for certain products and the revision of certain customer
forecasts, which also partially contributed to decreased demand as customers
shifted to more advanced products.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Impairment&#160;of&#160;Long-Lived&#160;Assets</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 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, 2003 to December 31, 2007.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Business&#160;Combinations</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">When we acquire
businesses, we allocate the purchase price to tangible assets and liabilities
and identifiable intangible assets acquired. Any residual purchase price is
recorded as goodwill. The allocation of the purchase price requires management
to make significant estimates in determining the fair values of assets acquired
and liabilities assumed, especially with respect to intangible assets. These
estimates are based on historical experience and information obtained from the
management of the acquired companies. These estimates can include, but are not
limited to, the cash flows</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">33</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page35"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">that an asset is
expected to generate in the future, the appropriate weighted-average cost of
capital, and the synergistic benefits expected to be derived from the acquired
business. These estimates are inherently uncertain and unpredictable. In
addition, unanticipated events and circumstances may occur which may affect the
accuracy or validity of such estimates.</font></a></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Goodwill</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We review goodwill
for impairment at least annually, and test for impairment between annual tests
if an event occurs or circumstances change that would indicate that the carrying
amount may be impaired. Impairment testing for goodwill is done at a reporting
unit level. The goodwill impairment test is a two-step test. Under the first
step, the fair value of the reporting unit is compared with its carrying value
(including goodwill). If the fair value of the reporting unit is less than its
carrying value, an indication of goodwill impairment exists for the reporting
unit and we perform step two of the impairment test (measurement). Under step
two, an impairment loss is recognized for any excess of the carrying amount of
the reporting unit's goodwill over the implied fair value of that goodwill. The
implied fair value of goodwill is determined by allocating the fair value of the
reporting unit in a manner similar to a purchase price allocation, in accordance
with SFAS No. 141, <font style="DISPLAY: inline; FONT-STYLE: italic">Business
Combination</font>. The residual fair value after this allocation is the implied
fair value of the reporting unit goodwill. We consider the enterprise as a whole
to be the reporting unit for purposes of evaluating goodwill impairment.
Consequently, we determine the fair value of the reporting unit using the quoted
market price of our ordinary shares. Based on the annual impairment testing of
goodwill, we concluded that there was no impairment in 2007.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Product&#160;Warranty</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Under our standard
terms and conditions of sale, products sold are subject to a limited product
quality warranty. 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. The movement in
accrued warranty costs for the years ended December 31, 2005, 2006 and 2007 is
as follows:</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1pt" align="justify">&#160;</div>
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Additions&#160;charged</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at</font></div>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year</font></div>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Beginning&#160;of&#160;Year</font></div>
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                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">to&#160;expense</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="0%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="0%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amounts&#160;Utilized</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">End&#160;of&#160;Year</font></div>
                        </td>
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                      </tr>
                      <tr>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="14" valign="bottom">
                          <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="14" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="56%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2005</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">507</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,415</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,377</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">545</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="56%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2006</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">545</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,101</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,016</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">630</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="56%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2007</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">630</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">799</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,094</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">335</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Income&#160;Taxes</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As part of the
process of preparing our consolidated financial statements, our 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></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In assessing the
ability to realize deferred tax assets, our 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></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">34</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page36"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Upon initial
adoption of FASB Interpretation No. 48, <font style="DISPLAY: inline; FONT-STYLE: italic">Accounting for Uncertainty in Income
Taxes</font>, or FIN 48, on January 1, 2007, we recognize the effect of income
tax positions only if those positions are more likely than not to be sustained.
We have to recognize income tax expenses when the possibility of tax adjustments
made by the tax authority are greater than 50% in the future period. Changes in
income tax recognition or measurement of previous periods are reflected in the
period in which the change in judgment occurs.</font></a></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Prior to the
adoption of FIN 48, we recognized the effect of income tax positions only if
such positions were probable of being sustained. We recognize interest and
penalties, if any, related to unrecognized tax benefits in income tax expense.
We have accrued tax liabilities or reduced deferred tax assets to address
potential exposures involving positions that are not considered to be more
likely than not of being sustained based on the technical merits of the tax
position as filed. A reconciliation of the beginning and ending amounts of
uncertain tax positions is as follows (in thousands):</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="89%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;on&#160;January&#160;1,&#160;2007</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,276</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="89%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Increase&#160;related&#160;to&#160;prior&#160;year&#160;tax&#160;positions</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">503</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="89%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Increase&#160;related&#160;to&#160;current&#160;year&#160;tax&#160;positions</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,189</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="89%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="89%" style="PADDING-BOTTOM: 4px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;on&#160;December&#160;31,&#160;2007</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,968</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Except for Himax
Taiwan and Himax Technologies Anyang Limited (based in South Korea), or Himax
Anyang, all other subsidiaries have generated tax losses since inception and are
not included in the consolidated tax filing with Himax Taiwan. Valuation
allowance of $3.3 million, $6.3 million and $12.3 million as of December 31,
2005, 2006 and 2007, 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. The additional provision of valuation
allowance recognized for the years ended December 31, 2005, 2006 and 2007 was
$2.4 million, $3.0 million and $6.0 million, respectively, as a result of
increases in deferred tax assets originating in these years which we did not
expect to realize.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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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. On February 1,
2007, we acquired 100% of the outstanding ordinary shares of Wisepal. The
results of Wisepal&#8217;s operations has been included in our consolidated financial
statements since that date. The following table sets forth a summary of our
consolidated statements of income as a percentage of revenues:</font></div>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
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                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100.0</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100.0</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost&#160;of&#160;revenues</font></div>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">77.6</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">80.8</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">78.0</font></td>
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                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Research&#160;and&#160;development</font></div>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7.6</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8.1</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8.0</font></td>
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                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">General&#160;and&#160;administrative</font></div>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1.3</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1.3</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1.6</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales&#160;and&#160;marketing</font></div>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.9</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.9</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;costs&#160;and&#160;expenses</font></div>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">87.4</font></td>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">91.1</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Operating&#160;income</font></div>
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                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12.6</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8.9</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11.4</font></td>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.5</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.7</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income&#160;tax&#160;expenses&#160;(benefit)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1.7</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(0.7</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(0.2</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;income</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11.4</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10.1</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12.3</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
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                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">35</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Year&#160;Ended&#160;December&#160;31,&#160;2007&#160;Compared&#160;to&#160;Year&#160;Ended&#160;December&#160;31,&#160;2006</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Revenues</font>. Our revenues
increased 23.3% to $918.2 million in 2007 from $744.5 million in 2006. This
increase was<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>primarily due to a
21.9% increase in unit shipments of display drivers for large-sized
applications, partially offset by a 3.9% decrease in average selling prices of
such products. This increase was also attributable to an increase of unit
shipments for display drivers for mobile handsets, but was partially offset by a
33.6% decrease in the average selling prices of such products. The increase in
unit shipments was primarily due to increased demand from our customers,
especially CMO and its affiliates, because they expanded their production
capacity, as well as an increase in the demand of large panel televisions in
2007. In general, the average selling prices of our display drivers decline from
year to year due to a combination of the pricing pressure we face from our
customers, the general industry trend of declining average selling prices of
semiconductors over a product&#8217;s life cycle, and the introduction of newer,
lower-cost display drivers. The relatively small decrease in the average selling
prices for display drivers for large-sized applications was primarily due to
product migration to higher channel display drivers, which generally have higher
average selling prices, and less downward pricing pressure from TFT-LCD makers
in 2007.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Costs and Expenses</font>. Costs and
expenses increased 19.9% to $814.3 million in 2007 from $679.0 million in 2006.
As<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>a percentage of
revenues, costs and expenses decreased to 88.6% in 2007 compared to 91.1% in
2006.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Cost of Revenues</font>. Cost of
revenues increased 19.0% to $716.2 million in 2007 from $601.6 million in 2006.
The<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>increase in
cost of revenues was primarily due to an increase in unit shipments. The
inventory write-down was particularly high in 2007 primarily due to excess
inventory issues related to shorter-than-expected product life cycle for certain
products and the revision of certain customer forecasts, which also partially
contributed to decreased demand as customers shifted to more advanced products.
The inventory write-downs for the years ended December 31, 2006 and 2007 was
approximately $5.2 million and $14.8 million, respectively. As a percentage of
revenues, cost of revenues decreased to 78.0% in 2007 from 80.8% in 2006. The
decrease in cost of revenues as a percentage of revenues was primarily due to
(1) a change in product mix, as the percentage of revenues from sale of small
and medium-sized display drivers (which typically have higher gross margins)
increased, and (2) through cost reduction efforts achieved by improving designs
and processes, increasing manufacturing yields and leveraging our scale, volume
requirements and close relationships with semiconductor manufacturing service
providers and suppliers.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Research and
      Development</font>. Research and development expenses increased 21.8% to
      $73.9 million in 2007 from<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>$60.7 million in
      the 2006, primarily due to the increase in share-based compensation
      expenses, salary expenses, and amortization. The increase in salary
      expenses was due to a 11.7% increase in headcount and higher average
      salaries. The increase in share-based compensation expenses resulted from
      our increase in headcount and our grant of RSUs to certain employees in
      2007. The increase is also a result of the increase in the amortization of
      intangible assets related to the Wisepal acquisition, and prepaid
      maintenance costs. The increase was partially offset by a decrease in
      prototype wafer and processed tape
costs.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">General and
      Administrative</font>. General and administrative expenses increased 52.7%
      to $14.9 million in 2007 from<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>$9.8 million in
      2006, primarily due to an increase in depreciation, share-based
      compensation expenses, salary expenses and professional fees. The increase
      in depreciation was mainly the result of increased building and office
      equipment depreciation at our Tainan headquarters; our new headquarters
      was completed in November 2006, and a year's worth of depreciation was
      provided in 2007, while in 2006 depreciation was provided for two months
      only. The increase in share-based compensation expenses resulted from our
      increase in headcount and our grant of RSUs to certain employees in 2007.
      The increase in salary expenses was due to a 30.0% increase in headcount
      and higher average salaries. The increase in general and administration
      expenses is also partially attributable to the increase in patent filing
      fees.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Sales and Marketing</font>.
      Sales and marketing expenses increased 33.9% to $9.3 million from $7.0
      million in 2006,<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>primarily due to
      an increase in salary, share-based compensation and amortization expenses.
      The increase in salary expenses was due to a 33.3% increase in headcount.
      The increase in share-based compensation expenses resulted from our
      increase in headcount and our grant of RSUs to certain employees in 2007.
      The increase in sales and marketing expenses was also attributable to the
      amortization of intangible assets (customer relationships) related to from
      the Wisepal acquisition.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">36</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Non-Operating Income (Loss)</font>.
We had non-operating income of $5.7 million in 2007 compared to $3.9 million in
2006.<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>The primary
component of our non-operating income is interest income amounting to $5.4
million and $5.9 million in 2007 and 2006, respectively. The increase in
non-operating income in 2007 is primarily a result of a $1.5 million impairment
loss we recognized in 2006 for the write-off of our equity investment in
LightMaster Systems Inc., which filed for bankruptcy in 2006. We did not have
any impairment loss in 2007.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Income Tax Expense (Benefit)</font>.
We recognized an income tax benefit of $1.9 million in 2007 compared to an
income<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>tax benefit
of $5.4 million in 2006. Our effective income tax rate decreased from (7.8)% in
2006 to (1.7)% in 2007. The decrease in income tax benefit is due to the
additional accrual of tax expenses amounting to $3.9 million as a result of the
most recent assessment from the tax authority. The decrease is also partially
due to the fact that the valuation allowance provided for the deferred tax
assets recognized in 2007 is $2.6 million higher than that provided in 2006. For
subsidiaries still in a tax loss position, a valuation allowance was provided to
reduce their deferred tax assets to zero as we do not expect these tax benefits
will be realized. The decrease in income tax benefit was partially offset by an
increase in tax-exempted income, and an increase in investment tax credits
compared to 2006.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Net Income</font>. As a result of
the foregoing, our net income increased to $112.6 million in 2007 from $75.2
million in 2006.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Year&#160;Ended&#160;December&#160;31,&#160;2006&#160;Compared&#160;to&#160;Year&#160;Ended&#160;December&#160;31,&#160;2005</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Revenues</font>. Our revenues
increased 37.8% to $744.5 million in 2006 from $540.2 million in 2005. This
increase was<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>primarily due to a
59.4% increase in unit shipments of display drivers for large-sized
applications, partially offset by a 14.3% decrease in average selling prices of
such products. This increase was also attributable to an increase of unit
shipments for display drivers for mobile handsets, which more than doubled, but
was partially offset by a 24.0% 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 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, as well as our ability reduce per unit
cost of revenues in order to meet such pressure.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Costs and Expenses</font>. Costs and
expenses increased 43.8% to $679.0 million in 2006 from $472.2 million in 2005.
As<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>a percentage of
revenues, costs and expenses increased to 91.1% in 2006 compared to 87.4% in
2005.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Cost of Revenues</font>. Cost
      of revenues increased 43.4% to $601.6 million in 2006 from $419.4 million
      in 2005. The<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>increase in cost
      of revenues was primarily due to an increase in unit shipments. As a
      percentage of revenues, cost of revenues increased to 80.8% in 2006
      compared to 77.6% in 2005, primarily as a result of a decrease in the
      average selling prices of our display drivers. We were able to partially
      offset such declines by decreasing per unit costs associated with the
      manufacturing, assembly, testing and delivery of our products. This is a
      result of our cost reduction efforts achieved by improving designs and
      processes, increasing manufacturing yields and leveraging our scale of
      production, volume requirements and close relationships with semiconductor
      manufacturing service providers and suppliers, as well as our strategy of
      sourcing from multiple service providers and suppliers in order to obtain
      better pricing.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Research and
      Development</font>. Research and development expenses increased 46.9% to
      $60.7 million in 2006 from<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>$41.3 million in
      2005, primarily due to the increase in share-based compensation expenses
      and salary expenses. The increase in salary expenses was due to a 27.6%
      increase in headcount and higher average salaries. The increase was also
      partially a result of increased mask costs and prototype wafer and
      processed tape costs associated with an increased number of new products
      introduced. The increase in share-based compensation expenses resulted
      from our increase in headcount and our grant of RSUs to certain employees
      in 2006.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">General and
      Administrative</font>. General and administrative expenses increased 43.9%
      to $9.8 million in 2006 from<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>$6.8 million in
      2005, primarily due to an increase in share-based compensation expenses
      and salary expenses. The increase in share-based compensation expenses
      resulted from our grant of RSUs to certain employees
  in</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                    </div>
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                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">37</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                    </div>
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                  <div id="HDR">
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                    </div>
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                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><a name="page39" />&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2006.&#160;The&#160;increase&#160;in&#160;salary&#160;expenses&#160;was&#160;due&#160;to&#160;higher&#160;average&#160;salaries.&#160;This&#160;increase&#160;was&#160;also&#160;partially&#160;the
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">result&#160;of&#160;increased&#160;depreciation&#160;expense&#160;and&#160;fees&#160;relating&#160;to&#160;patent&#160;filings.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Sales and Marketing</font>.
      Sales and marketing expenses increased 46.4% to $7.0 million in 2006 from
      $4.8 million<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>in 2005,
      primarily due to an increase in salary expenses and share-based
      compensation expenses. The increase in salary expenses was due to a 44.6%
      increase in headcount. The increase in share-based compensation expenses
      also resulted from our increase in headcount and our grant of RSUs to
      certain employees in 2006. The increase in sales and marketing expenses
      was also partially attributable to increased travel expenses resulting
      from increased sales activity.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Non-Operating Income (Loss)</font>.
We had non-operating income of $3.9 million in 2006 compared to $2.3 million in
2005,<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>primarily as
a result of a significant increase in interest income due to higher cash balance
on hand from the proceeds of our initial public offering. This was partially
offset by an impairment loss of $1.5 million recognized from our write- off of
our equity investment in LightMaster Systems Inc., which filed for bankruptcy in
2006.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Income Tax Expense (Benefit)</font>.
We recognized an income tax benefit of $5.4 million in 2006 compared to an
income<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>tax expense
of $8.9 million in 2005. Our effective income tax rate decreased from 12.7% in
2005 to (7.8)% in 2006, primarily due to an increase in tax-exempted income,
non-deductible share-based compensation expenses, a tax benefit from the
distribution of the prior year&#8217;s income and an increase in investment tax
credits compared to 2005, partially offset by the effect of an enacted change in
Taiwan&#8217;s tax laws in 2006 and the increase of valuation allowance provided to
reduce certain subsidiaries' deferred tax assets to zero.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Net Income</font>. As a result of
the foregoing, our net income increased to $75.2 million in 2006 from a net
income of<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>$61.6
million in 2005.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Liquidity&#160;and&#160;Capital&#160;Resources</font></font></div><br>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;following&#160;table&#160;sets&#160;forth&#160;a&#160;summary&#160;of&#160;our&#160;cash&#160;flows&#160;for&#160;the&#160;periods&#160;indicated:</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </div>
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" colspan="10" valign="bottom" width="1%">
                          <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;cash&#160;provided&#160;by&#160;operating&#160;activities</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12,464</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">29,696</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">77,162</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;cash&#160;used&#160;in&#160;investing&#160;activities</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(25,363</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(8,927</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(25,019</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;cash&#160;provided&#160;by&#160;(used&#160;in)&#160;financing&#160;activities</font></div>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">14,404</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">81,886</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(67,241</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;increase&#160;(decrease)&#160;in&#160;cash&#160;and&#160;cash&#160;equivalents</font></div>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,509</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">102,667</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(14,973</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash&#160;and&#160;cash&#160;equivalents&#160;at&#160;beginning&#160;of&#160;period</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,577</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7,086</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">109,753</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="67%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash&#160;and&#160;cash&#160;equivalents&#160;at&#160;end&#160;of&#160;period</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7,086</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">109,753</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">94,780</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Prior to being a
public company, we financed our operations primarily through the issuance of
shares in Himax Taiwan. As of December 31, 2007, we had $94.8 million in cash
and cash equivalents.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Operating Activities</font>. Net
cash provided by operating activities for the year ended December 31, 2007 was
$77.2 million<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>compared to net cash
provided by operating activities of $29.7 million for the year ended December
31, 2006. This increase was primarily due to the increase in cash collected from
customers, resulting from higher revenues and comparable overall days sales
outstanding in 2007 as in 2006. The increase in operating cash inflows was
partially offset by the increase in cash used to purchase raw materials
(primarily fabricated wafer and processed tape) and to pay assembly and testing
process fees, which resulted from the increase in production. The increase in
operating cash inflow was also partially offset by RSUs granted that vested
immediately on the grant date in September 2007 and settled in cash, which
amounted to $14.4 million, and by the net increase in operating expenditures
such as salaries and rent. Net cash provided by operating activities for the
year ended December 31, 2006 was $29.7 million compared to net cash provided by
operating activities of $12.5 million for the year ended December 31, 2005. Net
cash provided</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">38</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page40"><br></a></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">by operating
activities increased in 2006 primarily due to the increase in cash collected
from customers, resulting from higher revenues despite the extension of payment
terms to certain of our customers in 2006. The increase in operating cash
inflows was partially offset by the increase in cash used to purchase raw
materials (primarily fabricated wafer and processed tape) and to pay assembly
and testing process fees, which resulted from the increase in production. The
increase in operating cash inflows was also partially offset by the increase in
payment of income tax by $4.5 million and other operating expenditures in
2006.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Investing Activities</font>. Net
cash used in investing activities for the year ended December 31, 2007 was $25.0
million<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>compared
to net cash used in investing activities of $8.9 million for the year ended
December 31, 2006. This change was primarily due to the release of restricted
cash equivalents and marketable securities of $13.9 million in 2006, with no
corresponding release in 2007 and an increase in for available-for-sale
marketable securities. Net cash used in investing activities for the year ended
December 31, 2006 was $8.9 million compared to net cash used in investing
activities of $25.4 million for the year ended December 31, 2005. This change
was primarily due to a decrease in net proceeds generated from the purchase and
sale of available-for-sale marketable securities of $8.8 million, when compared
to the year ended December 31, 2005 and an increase in the purchase of property
and equipment as a result of the payment of construction costs in connection
with our new headquarters in the Tree Valley Industrial Park. This decrease was
offset by the release of restricted cash equivalents and marketable securities
of $27.7 million.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Financing Activities</font>. Net
cash used in financing activities for the year ended December 31, 2007 was $67.2
million<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>compared
to net cash provided by financing activities of $81.9 million for the year ended
December 31, 2006, primarily due to the distribution of cash dividends in 2007
and proceeds received in our initial public offering in 2006, partially offset
by an increase in proceeds from the issuance of new shares by subsidiaries and
an increase in net repayment of short-term debt. Net cash provided by financing
activities in the year ended December 31, 2006 was $81.9 million compared to net
cash provided by financing activities of $14.4 million in the year ended
December 31, 2005, primarily due to proceeds received in our initial public
offering which was offset by the repayment of short-term debt and our repurchase
of ordinary shares.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 in 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 extensions in the future. The extension of payment terms for our customers
could adversely affect our cash flow, liquidity and our operating
results.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We believe that our
current cash and cash equivalents and cash flow from operations 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></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Research&#160;and&#160;Development</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 integrated circuit design
center are invested in advanced research for future products, we continue to
invest in improving the performance and reducing the costs 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&#8217; offices, work</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">39</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">closely with panel
manufacturers to co-develop display solutions for their electronic devices. In
2005, 2006 and 2007, we incurred research and development expenses of $41.3
million, $60.7 million and $73.9 million, respectively, representing 7.6%, 8.1%
and 8.0% of our revenues, respectively.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Off-Balance&#160;Sheet&#160;Arrangements</font></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of December 31,
2007, we did not have any off-balance sheet guarantees, interest rate swap
transactions or foreign currency forwards. We do not engage in trading
activities involving non-exchange traded contracts. Furthermore, as of December
31, 2007, we did not have any interests in variable interest
entities.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Tabular&#160;Disclosure&#160;of&#160;Contractual&#160;Obligations</font></font></div>
              </div>
              <div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;following&#160;table&#160;sets&#160;forth&#160;our&#160;contractual&#160;obligations&#160;as&#160;of&#160;December&#160;31,&#160;2007:</font></div>
                <div>&#160;</div>
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                        <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Payment&#160;Due&#160;by&#160;Period</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <tr>
                        <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Less&#160;than</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1&#160;year</font></div>
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                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1-3&#160;years</font></div>
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                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3-5&#160;years</font></div>
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                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">More&#160;than</font></div><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5&#160;years</font></div>
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                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <tr>
                        <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="18" valign="bottom">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
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                        <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="45%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Operating&#160;lease&#160;obligations</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,069</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">827</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">242</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="45%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Purchase&#160;obligations(1)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">63,655</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">63,655</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="45%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other&#160;obligations(2)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,367</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,442</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">925</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="45%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="45%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">67,091</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">65,924</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,167</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                  </table>
                </div>
                <div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Notes:&#160;
(1)&#160;&#160;Includes&#160;obligations&#160;for&#160;wafer&#160;fabrication,&#160;raw&#160;materials&#160;and&#160;supplies.</font></div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(2)&#160;&#160;Includes&#160;obligations&#160;under&#160;license&#160;agreements&#160;and&#160;donations&#160;for&#160;laboratories&#160;commitments.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of December 31,
2006 and 2007, we had entered into several contracts for the acquisition of
equipment and computer software and the construction of our new headquarters.
Total contract prices amounted to $7.8 million and $0.9 million, respectively.
As of December 31, 2006 and 2007, the remaining commitments were $2.8 million
and $100,000, respectively.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 was charged to
research and development expense in 2004; no fees or royalties were paid in
2005. We also paid a license fee of $200,000 in 2006; however, no fees or
royalties were paid in 2007.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In March 2005, we
entered into a license agreement for the use of USB 2.0 relevant technology for
product development. In accordance with the agreement, we were required to pay
an initial license fee based on the progress of the project development and a
royalty based on shipments. No license fee was paid in 2005. The license fee
charged to research and development expense in 2006 and 2007 was $10,000 and
$250,000, respectively. In 2007, no royalty was paid.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In June 2007, we
entered into a license agreement for the use of Analogix HDMI 1.3 receiver core
relevant technology for product development. In accordance with the agreement,
we were 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 2007 was $0.5 million. In 2007,
no royalty was paid.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We completed
construction of our new headquarters located in the Tree Valley Industrial Park
in 2006. The facility occupies 22,172 square meters and houses our research and
development, engineering, sales and marketing, operations and general
administrative staff. The land (31,800 square meters) is owned by us. The total
costs were approximately $25.8 million, of which approximately $10.2 million was
for the land and approximately $15.6 million was for the construction of the
building and related facilities (which included architect fees, general
contractor fees, building</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">40</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">materials, the
purchase and installation of network, clean room, and office equipment and other
fixtures). We have already paid for the land and approximately $0.8 million,
$9.7 million and $5.1 million of the </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">materials, the
purchase and installation of network, clean room, and office equipment and other
fixtures). We have already paid for the land and approximately $0.8 million,
$9.7 million and $5.1 million of the construction costs were paid in 2005, 2006
and 2007, respectively, and we have no further obligations regarding our new
headquarters.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We also lease office
and building space pursuant to operating lease arrangements with unrelated third
parties. The lease arrangement will expire gradually from 2008 to 2010. As of
December 31, 2006 and 2007, deposits paid amounted to $477,000 and $371,000,
respectively, and were recorded as refundable deposit in the accompanying
consolidated balance sheets. As of December 31, 2007, future minimum lease
payments under non-cancelable operating leases totaled $827,000 in 2008,
$226,000 in 2009 and $16,000 in 2010. Rental expenses for operating leases
amounted to $1.3 million, $1.8 million and $1.9 million in 2005, 2006 and 2007,
respectively.</font></div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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
approved the share exchange, subject to our satisfying several undertakings we
gave in connection with our application seeking approval of the share exchange:
Himax Taiwan submitted 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 undertakings within four months after the end of each of 2005,
2006 and 2007. As of the date of this report we have satisfied our ROC
undertakings.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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&#8217;s monthly wages, to the employee&#8217;s individual
pension fund account. Substantially all participants in the defined benefit plan
have elected to participate in the newly defined contribution plan.
Participants&#8217; 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. Total contributions to the new defined contribution plan in
2007 were $967,000 compared to $855,000 and $217,000 in 2006 and 2005,
respectively. Total contributions to the defined benefit plan and the new
defined contribution plan in 2007 were $1.3 million compared to $1.1 million and
$412,000 in 2006 and 2005, respectively. This increase has not, and is not
expected to have, a material effect on our cash flows or results of
operations.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Inflation</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Inflation in Taiwan
has not had a material impact on our results of operations in recent years.
However, an increase in inflation can lead to increases in our costs and lower
our profit margins. According to the Directorate General of Budget, Accounting
and Statistics, Executive Yuan, ROC, the change of consumer price index in
Taiwan was 2.3%, 0.6% and 1.8% in 2005, 2006 and 2007,
respectively.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Recent&#160;Accounting&#160;Pronouncements</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In September 2006,
the FASB issued FASB Statement No. 157, Fair Value Measurement, or SFAS No. 157.
SFAS No. 157 defines fair value, establishes a framework for the measurement of
fair value, and enhances disclosures about fair value measurements. SFAS No. 157
does not require any new fair value measures. SFAS No. 157 is effective for fair
value measures already required or permitted by other standards for fiscal years
beginning after November 15, 2007 (January 1, 2008 for us) and is to be applied
prospectively. Subsequently in February 2008, FASB issued FASB Staff Position
(&#8220;FSP&#8220;) FAS 157-1 &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">Application
of FASB Statement No. 157 to FASB Statement No. 13 and Other Accounting</font>
<font style="DISPLAY: inline; FONT-STYLE: italic">Pronouncements That Address
Fair Value Measurement for Purposes of Lease Classification or Measurement under
Statement 13</font>,&#8221; and FSP FAS 157-2, &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">Effective Date of FASB Statement No.
157</font>.&#8221; FSP FAS 157-1 amends the scope<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>of SFAS No. 157 and
other accounting standards that address fair value measurements for purpose of
lease classification</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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                <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><br><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">or measurement under
Statement 13. The FSP is effective on initial adoption of SFAS No. 157. FSP FAS
157-2 defers the effective date of SFAS No. 157 to fiscal years beginning after
November 15, 2008 for all non-financial assets and non-financial liabilities,
except those that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Management does not expect the initial adoption
of SFAS No. 157, FSP FAS 157-1 and FSP FAS 157- 2 will have a material impact on
the Company&#8217;s consolidated financial statements.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In September 2006,
the FASB issued SFAS Statement No. 158, Employers&#8217; Accounting for Defined
Benefit Pension and Other Postretirement Plans &#8211; an Amendment of FASB Statements
No. 87, 88, 106, and 132(R), or SFAS No. 158. As described in Note 2 (o),
effective December 31, 2006, the Company adopted the recognition and disclosure
provisions of SFAS No. 158. SFAS No. 158 also requires plan assets and benefit
obligations be measured as of the date of the fiscal year-end statement of
financial position with limited exceptions. The measurement provisions of SFAS
No. 158 are effective for fiscal years ending after December 15, 2008, and will
not be applied retroactively. The measurement provisions of SFAS No. 158 are
consistent with the Company&#8217;s current policies and management does not
anticipate that the adoption of the measurement provisions of SFAS No. 158 will
have an impact on its consolidated financial statements.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In February 2007,
the FASB issued Statement of Financial Accounting Standards No. 159, <font style="DISPLAY: inline; FONT-STYLE: italic">The Fair Value Option for</font>
<font style="DISPLAY: inline; FONT-STYLE: italic">Financial Assets and Financial
Liabilities &#8212; including an amendment of FASB Statement No. 115 </font>or SFAS
No. 159.<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>SFAS No.
159 gives the Company the irrevocable option to carry most financial assets and
liabilities at fair value that are not currently required to be measured at fair
value. If the fair value option is elected, changes in fair value would be
recorded in earnings at each subsequent reporting date. Management has elected
not to adopt this optional standard.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In December 2007,
the FASB issued FASB Statement No. 141R, <font style="DISPLAY: inline; FONT-STYLE: italic">Business Combinations</font> or SFAS
No. 141R and FASB Statement No. 160, <font style="DISPLAY: inline; FONT-STYLE: italic">Noncontrolling Interests in
Consolidated Financial Statements &#8212; an amendment to ARB No. 51</font> or SFAS
No. 160. SFAS No. 141R and 160 require most identifiable assets, liabilities,
noncontrolling interests, and goodwill acquired in a business combination to be
recorded at &#8220;full fair value&#8221; and require noncontrolling interests (previously
referred to as minority interests) to be reported as a component of equity,
which changes the accounting for transactions with noncontrolling interest
holders. Both Statements are effective for periods beginning on or after
December 15, 2008, and earlier adoption is prohibited. SFAS No. 141R will be
applied to business combinations occurring after the effective date. SFAS No.
160 will be applied prospectively to all noncontrolling interests, including any
that arose before the effective date. The initial adoption of SFAS No. 160 is
expected to result only in a reclassification of our noncontrolling interest to
shareholders&#8217; equity.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">42</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 77pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 77pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><a name="page44"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: Arial">DIRECTORS,
SENIOR MANAGEMENT AND EMPLOYEES</font></a></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Directors&#160;and&#160;Senior&#160;Management</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Members of our board
of directors may be elected by our directors or our shareholders. Our board of
directors consists of five directors, two of whom will be independent directors
within the meaning of Rule 4200(a)(15) of the Nasdaq Stock Market, Inc.
Marketplace Rules, or the Nasdaq Rules, as amended from time to time. Other than
Jordan Wu and Dr. Biing-Seng Wu, who are brothers, there are no family
relationships between any of our directors and executive officers. The following
table sets forth information regarding our directors and executive officers as
of June 1, 2008. Our directors and executive officers all assumed their
respective positions at our company, Himax Technologies, Inc., after our
shareholders&#8217; meeting and board meeting, which were both held on October 25,
2005. Unless otherwise indicated, the positions or titles indicated in the table
below refer to Himax Technologies, Inc.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td align="left" valign="bottom" width="21%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Directors&#160;and&#160;Executive&#160;Officers</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Age</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="bottom" width="42%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Position/Title</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="21%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Dr.&#160;Biing-Seng&#160;Wu</font></div>
                        </td>
                        <td colspan="2" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">50</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="bottom" width="42%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chairman&#160;of&#160;the&#160;Board</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="21%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jordan&#160;Wu</font></div>
                        </td>
                        <td colspan="2" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">47</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="bottom" width="42%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">President,&#160;Chief&#160;Executive&#160;Officer&#160;and&#160;Director</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="21%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jung-Chun&#160;Lin</font></div>
                        </td>
                        <td colspan="2" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">59</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="bottom" width="42%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="21%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Dr.&#160;Chun-Yen&#160;Chang</font></div>
                        </td>
                        <td colspan="2" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">70</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="bottom" width="42%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="21%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Yuan-Chuan&#160;Horng</font></div>
                        </td>
                        <td colspan="2" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">56</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="bottom" width="42%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="21%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chih-Chung&#160;Tsai</font></div>
                        </td>
                        <td colspan="2" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">52</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="bottom" width="42%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chief&#160;Technology&#160;Officer,&#160;Senior&#160;Vice&#160;President</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="21%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Max&#160;Chan</font></div>
                        </td>
                        <td colspan="2" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">41</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="bottom" width="42%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chief&#160;Financial&#160;Officer</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="21%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Baker&#160;Bai</font></div>
                        </td>
                        <td colspan="2" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">50</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="bottom" width="42%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Vice&#160;President,&#160;Incubator&#160;System&#160;Design&#160;Center</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="21%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">John&#160;Chou</font></div>
                        </td>
                        <td colspan="2" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">49</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="bottom" width="42%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Vice
      President, Quality &amp; Reliability Assurance &amp; Support Design
      Center</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="21%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Norman&#160;Hung</font></div>
                        </td>
                        <td colspan="2" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">50</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="bottom" width="42%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Vice&#160;President,&#160;Sales&#160;and&#160;Marketing</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Directors</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Dr. Biing-Seng Wu </font>is the
chairman of our board of directors. Dr. Wu is also the chairman of the board of
directors of<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>Himax
Taiwan, Himax Display, Himax Analogic and Himax Imaging. Prior to our
reorganization in October 2005, Dr. Wu served as president, chief executive
officer and a director of Himax Taiwan and chairman, president and chief
executive officer of Himax Display. Dr. Wu is also a director of Himax Anyang
and serves as a director, executive vice president and chief technology officer
of CMO, a TFT-LCD panel manufacturer, and a director of Chi Lin Technology Co.,
Ltd., an electronics manufacturing service provider, Chi Mei El Corp., an OLED
company, and Nexgen Mediatech Inc., a TFT-LCD television manufacturer. Dr. Wu
has been active in the TFT-LCD panel industry for over 20 years and is a member
of the boards of the Taiwan TFT-LCD Association and the Society for Information
Display. Prior to joining CMO in 1998, Dr. Wu was senior director and plant
director of Prime View International Co., Ltd,. a TFT-LCD panel manufacturer,
from 1993 to 1997, and a manager of Thin Film Technology Development at the
Electronics Research &amp; Service Organization/Industry Technology Research
Institute, or ERSO/ITRI, of Taiwan. Dr. Wu holds a B.S. degree, an M.S. degree
and a Ph.D. degree in electrical engineering from National Cheng Kung
University. Dr. Wu is the brother of Mr. Jordan Wu, our president and chief
executive officer.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Jordan Wu </font>is our president
and chief executive officer. Prior to our reorganization in October 2005, Mr. Wu
served as<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>the
chairman of the board of directors of Himax Taiwan, a position that he held
since April 2003. Mr. Wu is also the chairman of the board of directors of
Wisepal, Himax Imaging, Himax Media Solutions, and Integrated Microdisplays and
a director of Himax Taiwan, Himax Display, Himax Analogic, Himax Technologies
(Samoa), Inc., Himax Anyang, Himax Technologies (Shenzhen) Co. Inc., Himax
Technologies (Suzhou) Co., Inc., and Himax Imaging. Prior to joining Himax
Taiwan, Mr. Wu served as chief executive officer of TV Plus Technologies, Inc.
and chief financial officer and executive director of DVN Holdings Ltd. in Hong
Kong. Prior to that, he was an investment banker at Merrill Lynch
(Asia</font></div>
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                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Pacific) Limited,
Barclays de Zoete Wedd (Asia) Limited and Baring Securities, based in Hong Kong
and Taipei. Mr. Wu holds a B.S. degree in mechanical engineering from National
Taiwan University and an M.B.A. degree from the University of Rochester. Mr. Wu
is the brother of Dr. Biing-Seng Wu, our chairman.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Jung-Chun Lin </font>is our
director. He has also been a director of Himax Taiwan since June 2001, a
director of Himax<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>Display since July 2004
and a director of Himax Analogic since July 2007. Mr. Lin also serves as a
director, senior vice president, chief financial officer and chief accounting
officer of CMO and a senior vice president of Chi Mei Corporation. Prior to
joining CMO in 2000, Mr. Lin was vice president of Chi Mei Corporation and had
been with Chi Mei Corporation since 1971. Mr. Lin holds a B.S. degree in
accounting from National ChengChi University.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Dr. Chun-Yen Chang </font>is our
director. Prior to our reorganization in October 2005, he served as a supervisor
of Himax<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>Taiwan
since December 2003. He was president of the National Chiao Tung University, or
NCTU, of Taiwan from 1998 to 2006. Prior to that, he served as the director of
the Microelectronics and Information Systems Research Center of NCTU from 1996
to 1998 and as the dean of both the College of Electrical Engineering and
Computer Science of NCTU and the College of Engineering of NCTU from 1990 to
1994. Dr. Chang has been active in the semiconductor industry for over 40 years.
He is a fellow of the Institute of Electrical and Electronics Engineers, Inc.,
or IEEE, a foreign associate of the National Academy of Engineering of the
United States and a fellow of Academia Sinica of Taiwan. Dr. Chang holds a B.S.
degree in electrical engineering from National Cheng Kung University and an M.S.
degree and a Ph.D. degree in electrical engineering from National Chiao Tung
University.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Yuan-Chuan Horng </font>is our
director. Prior to our reorganization in October 2005, Mr. Horng served as a
director of Himax<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>Taiwan from August 2004
to October 2005. Mr. Horng is the general manager of the Finance Department of
China Steel Corporation, a position he has held since April 2000. He has held
various accounting and finance positions at China Steel Corporation for over 30
years. Mr. Horng holds a B.A. degree in economics from Soochow
University.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Other&#160;Executive&#160;Officers</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Chih-Chung Tsai </font>is our chief
technology officer and senior vice president. Mr. Tsai is also a director and
chief technology<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>officer of Himax
Taiwan, a director of Himax Display, Himax Anyang, Wisepal, Himax Analogic and
Integrated Microdisplays. Prior to joining Himax Taiwan, Mr. Tsai served as vice
president of IC Design of Utron Technology from 1998 to 2001, manager and
director of the IC Division of Sunplus Technology from 1994 to 1998, director of
the IC Design Division of Silicon Integrated Systems Corp. from 1987 to 1993 and
project leader at ERSO/ITRI from 1981 to 1987. Mr. Tsai holds a B.S. degree and
an M.S. degree in electrical engineering from National Chiao Tung
University.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Max Chan </font>is our chief
financial officer. Mr. Chan is also the chief financial officer of Himax Taiwan.
Mr. Chan is also<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>a
supervisor of Wisepal, Himax Imaging and Himax Media Solutions. Prior to our
reorganization in October 2005, Mr. Chan served as director of the planning
division of Himax Taiwan from June 2004 to October 2005. Prior to joining Himax
Taiwan, he was treasury manager of Intel Capital, the strategic investment
division of Intel Corporation in Taiwan from 2000 to 2004, senior associate of
Credit Suisse First Boston Asia International (Cayman) Limited, Taiwan Branch in
2000 and a manager of the Overseas Direct Investment Department of China
Development Industrial Bank from 1992 to 2000. Mr. Chan holds a B.S. degree in
civil engineering and an M.B.A. degree in finance from National Taiwan
University and an M.S. degree in business administration from the University of
Illinois at Urbana-Champaign.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Baker Bai </font>is our vice
president in charge of the Incubator System Design Center, a director of Himax
Taiwan and a<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>supervisor of Himax
Display and Himax Anyang. Prior to joining Himax Taiwan in 2001, Mr. Bai served
as the director of the TFT Liquid Crystal Module Fab of CMO from 1998 to 2001,
research and development manager of the Research Center of Vate Technology Inc.,
a semiconductor testing house, from 1994 to 1998, and research and development
engineer at Chun Shan Technology Institute from 1983 to 1994. Mr. Bai holds a
B.S. degree in electrical engineering from National Cheng Kung University, an
M.S. degree in electrical engineering from the University of Southern California
and an M.S. degree in electrical engineering from National Chiao Tung
University.</font></div>
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                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">44</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page46"><br></a></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">John Chou </font>is our vice
president in charge of the Quality &amp; Reliability Assurance &amp; Support
Design Center and also<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>serves as a president
and director of Himax Media Solutions. Prior to joining Himax in 2005, Mr. Chou
served as the director of the Application and Marketing Department at Pyramis
Corp., a subsidiary and the semiconductor arm of Delta Electronics Inc., from
August 2002 to April 2005. Mr. Chou was application manager at O2Micro, Inc., an
integrated circuit design house, from 1997 to 2002 and design engineer and
project manager at Philips Lighting Electronics from 1992 to 1996. Mr. Chou
holds a B.S. degree in electrical engineering from National Cheng Kung
University and an M.S. degree in electrical engineering from California State
University, Los Angeles.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Norman Hung </font>is our vice
president in charge of Sales and Marketing and also serves as a director of
Wisepal and a<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>supervisor of Himax
Analogic. From 2000 to 2006, Mr. Hung served as president of ZyDAS Technology
Corp., a fabless integrated circuit design house. From 1999 to 2000, he served
as vice president of Sales and Marketing for HiMARK Technology Inc., another
fabless integrated circuit design house. Prior to that, from 1996 to 1998, Mr.
Hung served as Director of Sales and Marketing for Integrated Silicon Solution,
Inc. He has also served in various Marketing positions for Hewlett-Packard and
Logitech. Mr. Hung holds a B.S. degree in electrical engineering from National
Cheng Kung University and an executive M.B.A. degree from National Chiao Tung
University.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Compensation&#160;of&#160;Directors&#160;and&#160;Executive&#160;Officers</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In the year ended
December 31, 2007, the aggregate cash compensation that we paid to our executive
officers was approximately $0.5 million. The aggregate share-based compensation
that we paid to our executive officers was approximately $1.6 million. No
executive officer is entitled to any severance benefits upon termination of his
or her employment with us.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In
the year ended December 31, 2007, the aggregate cash compensation that we paid
to our directors was approximately $30,000. The aggregate share-based
compensation that we paid to our directors was $43,100.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
following table summarizes the RSUs that we granted in 2007 to our directors and
executive officers under our 2005 long-term incentive plan. See &#8220;Share-Based
Compensation Plans&#8221; for more details regarding our RSU grants.</font></div>
                <div>&#160;</div>
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                      <tr>
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                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td nowrap valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Ordinary&#160;Shares</font></div><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Underlying&#160;Unvested</font></div><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Portion&#160;of&#160;RSUs</font></div>
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                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Dr.&#160;Biing-Seng&#160;Wu</font></div>
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                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">91,765</font></td>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22,941</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">68,824</font></td>
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                        <td align="left" valign="bottom" width="55%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jordan&#160;Wu</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">105,724</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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directors consists of five directors, two of whom are independent directors
within the meaning of Rule 4200(a)(15) of the Nasdaq Rules, as amended from time
to time. We intend to follow home country practice that permits our board of
directors to have less than a majority of independent directors in lieu of
complying with Rule 4350(c)(1) of the Nasdaq Rules that require boards of U.S.
companies to have a board of directors which is comprised of a</font></div>
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                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">majority of
independent directors. Moreover, we intend to follow home country practice that
permits our independent directors not to hold regularly scheduled meetings at
which only independent directors are present in lieu of complying with Rule
4350(c)(2).</font></div>
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corporate governance, we have established three committees under the board of
directors prior to the closing of this offer: the audit committee, the
compensation committee and the nominating and corporate governance committee. We
have adopted a charter for each of the three committees. Each committee&#8217;s
members and functions are described below.</font></div>
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Committee</font>. Our audit committee currently consists of Yuan-Chuan Horng and
Dr. Chun-Yen Chang. Our board<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>of directors has
determined that all of our audit committee members are &#8220;independent directors&#8221;
within the meaning of Rule 4200(a)(15) of the Nasdaq Rules and meet the criteria
for independence set forth in Section 10A(m)(3)(B)(i) of the Exchange Act. We
intend to follow home country practice that permits an audit committee to
contain two independent directors in lieu of complying with Rule 4350(d) of the
Nasdaq Rules that requires the audit committees of U.S. companies to have a
minimum of three independent directors. Our audit committee will oversee our
accounting and financial reporting processes and the audits of our financial
statements. The audit committee will be responsible for, among other
things:</font></div>
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      services permitted to be performed by the independent
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                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">reviewing&#160;with&#160;the&#160;independent&#160;auditors&#160;any&#160;audit&#160;problems&#160;or&#160;difficulties&#160;and&#160;management&#8217;s&#160;response;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">reviewing and
      approving all proposed related party transactions, as defined in Item 404
      of Regulation SK under the Securities
Act;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">discussing&#160;the&#160;annual&#160;audited&#160;financial&#160;statements&#160;with&#160;management&#160;and&#160;the&#160;independent&#160;auditors;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">reviewing
      major issues as to the adequacy of our internal controls and any special
      audit steps adopted in light of material internal control
      deficiencies;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">annually&#160;reviewing&#160;and&#160;reassessing&#160;the&#160;adequacy&#160;of&#160;our&#160;audit&#160;committee&#160;charter;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">meeting&#160;separately&#160;and&#160;periodically&#160;with&#160;management&#160;and&#160;the&#160;independent&#160;auditors;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">reporting&#160;regularly&#160;to&#160;the&#160;board&#160;of&#160;directors;&#160;and</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">such other
      matters that are specifically delegated to our audit committee by our
      board of directors from time to
time.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Compensation
Committee</font>. Our current compensation committee consists of Yuan-Chuan
Horng, Dr. Chun-Yen Chang<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>and Jung-Chun Lin. Our
compensation committee assists our board of directors in reviewing and approving
the compensation structure, including all forms of compensation, relating to our
directors and executive officers. Our chief executive officer may not be present
at any committee meeting where his or her compensation is deliberated. We intend
to follow home country practice that permits a compensation committee to contain
a director who does not meet the definition of &#8220;independence&#8221; within the meaning
of Rule 4200(a) (15) of the Nasdaq Rules. We intend to follow home country
practice in lieu of complying with Rule 4350(c)(3)(A)(ii) and (B)(ii) of the
Nasdaq Rules which requires the compensation committees of U.S. companies to be
comprised solely of independent directors. The compensation committee will be
responsible for, among other things:</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">reviewing and
      making recommendations to our board of directors regarding our
      compensation policies and forms of compensation provided to our directors
      and officers;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">reviewing&#160;and&#160;determining&#160;bonuses&#160;for&#160;our&#160;officers&#160;and&#160;other&#160;employees;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">reviewing&#160;and&#160;determining&#160;share-based&#160;compensation&#160;for&#160;our&#160;directors,&#160;officers,&#160;employees&#160;and&#160;consultants;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">administering&#160;our&#160;equity&#160;incentive&#160;plans&#160;in&#160;accordance&#160;with&#160;the&#160;terms&#160;thereof;&#160;and</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">such other
      matters that are specifically delegated to the compensation committee by
      our board of directors from time to
time.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">46</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Nominating and
Corporate Governance Committee</font>. Our nominating and corporate governance
committee assists the<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>board of directors in
identifying individuals qualified to be members of our board of directors and in
determining the composition of the board and its committees. Our current
nominating and corporate governance committee consists of Yuan-Chuan Horng, Dr.
Chun-Yen Chang and Jung-Chun Lin. We intend to follow home country practice that
permits a nominating committee to contain a director who does not meet the
definition of &#8220;independence&#8221; within the meaning of Rule 4200(a)(15) of the
Nasdaq Rules. We intend to follow home country practice in lieu of complying
with Rule 4350 (c)(4)(A)(ii) and (B)(ii) of the Nasdaq Rules that requires the
nominating committees of U.S. companies be comprised solely of independent
directors. Our nominating and corporate governance committee will be responsible
for, among other things:</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">identifying
      and recommending to our board of directors nominees for election or
      re-election, or for appointment to fill any
  vacancy;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">reviewing
      annually with our board of directors the current composition of our board
      of directors in light of the characteristics of independence, age, skills,
      experience and availability of service to
us;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">reviewing the
      continued board membership of a director upon a significant change in such
      director&#8217;s principal occupation;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">identifying
      and recommending to our board of directors the names of directors to serve
      as members of the audit committee and the compensation committee, as well
      as the nominating and corporate governance committee
    itself;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">advising the
      board periodically with respect to significant developments in the law and
      practice of corporate governance as well as our compliance with applicable
      laws and regulations, and making recommendations to our board of directors
      on all matters of corporate governance and on any corrective action to be
      taken; and</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">monitoring
      compliance with our code of business conduct and ethics, including
      reviewing the adequacy and effectiveness of our procedures to ensure
      proper compliance.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Terms&#160;of&#160;Directors&#160;and&#160;Officers</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Under Cayman Islands
law and our articles of association, our directors hold office until a successor
has been duly elected and qualified unless the director was appointed by the
board of directors, in which case such director holds office until the next
annual meeting of shareholders at which time such director is eligible for
re-election. Our directors are subject to periodic retirement and re-election by
shareholders in accordance with our articles of association, resulting in their
retirement and re-election at staggered intervals. At each annual general
meeting, one-third of our directors who are subject to retirement by rotation,
or if their number is not a multiple of three, the nearest to one-third but not
exceeding one-third, retire from office. Any retiring director is eligible for
reappointment. The chairman of our board of directors will not be subject to
retirement by rotation or be taken into account in determining the number of
directors to retire in each year. Under this formula, assuming five directors
continue to serve on the board of directors, one director will retire and be
subject to re-election in each year beginning 2006, and until 2009, the term
that each director serves before he is subject to retirement by rotation will
vary from one year to four years. Under our articles of association, which
director will retire at each annual general meeting will be determined as
follows: (i) any director who wishes to retire and not offer himself for
re-election, (ii) if no director wishes to retire, the director who has been
longest in office since his last re-election or appointment, (iii) if two or
more directors have served on the board the longest, then as agreed among the
directors themselves or as determined by lot. Beginning in 2010, assuming that
our board of directors consists of five directors, each director will serve a
term of four years. All of our executive officers are appointed by and serve at
the discretion of our board of directors.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">47</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Employees</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
of December 31, 2005, 2006 and 2007, we had 716, 924 and 1,050 employees,
respectively. The following is a breakdown of our employees by function as of
December 31, 2007:</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Function</font></div>
                        </td>
                        <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Number</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="89%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Research&#160;and&#160;development(1)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">687</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="89%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Engineering&#160;and&#160;manufacturing(2)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">120</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="89%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales&#160;and&#160;marketing(3)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">160</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="89%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">General&#160;and&#160;administrative</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">83</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="89%" style="PADDING-BOTTOM: 4px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,050</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                  </table>
                </div>
                <div>&#160;</div>
                <div align="left">
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 45pt">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Notes:&#160;
      (1)</font></div>
                          </td>
                          <td><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font size="2" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes semiconductor
      design engineers, application engineers, assembly and testing engineers
      and quality</font> <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">control
      engineers.</font></font></td>
                        </tr>
                    </table>
                  </div>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 45pt">
                          <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;
      (2)</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes
      manufacturing personnel of Himax Display, our subsidiary focused on design
      and manufacturing of LCOS products and liquid crystal injection
      services.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 45pt">
                          <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;
      &#160; (3)</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes&#160;field&#160;application&#160;engineers.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Share-Based&#160;Compensation&#160;Plans</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Himax&#160;Technologies,&#160;Inc.&#160;2005&#160;Long-Term&#160;Incentive&#160;Plan</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We
adopted a long-term incentive plan in October 2005. The following description of
the plan is intended to be a summary and does not describe all provisions of the
plan.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Purpose&#160;of&#160;the&#160;Plan</font>.&#160;The&#160;purpose&#160;of&#160;the&#160;plan&#160;is&#160;to&#160;advance&#160;our&#160;interests&#160;and&#160;those&#160;of&#160;our&#160;shareholders&#160;by:</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">providing the
      opportunity for our employees, directors and service providers to develop
      a sense of proprietorship and personal involvement in our development and
      financial success and to devote their best efforts to our business;
      and</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">providing us
      with a means through which we may attract able individuals to become our
      employees or to serve as our directors or service providers and providing
      us a means whereby those individuals, upon whom the responsibilities of
      our successful administration and management are of importance, can
      acquire and maintain share ownership, thereby strengthening their concern
      for our welfare.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Type&#160;of&#160;Awards</font>.&#160;The&#160;plan&#160;provides&#160;for&#160;the&#160;grant&#160;of&#160;stock&#160;options&#160;and&#160;restricted&#160;share&#160;units.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Duration. </font>Generally, the plan
will terminate five years from the effective date of the plan. After the plan is
terminated,<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>no
awards may be granted, but any award previously granted will remain outstanding
in accordance with the plan.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Administration</font>. The plan is
administered by the compensation committee of our board of directors or any
other<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>committee
designated by our board to administer the plan. Committee members will be
appointed from time to time by, and will serve at the discretion of, our board.
The committee has full power and authority to interpret the terms and intent of
the plan or any agreement or document in connection with the plan, determine
eligibility for awards and adopt such rules, regulations, forms, instruments and
guidelines for administering the plan. The committee may delegate its duties or
powers.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Number of Authorized Shares</font>.
We have authorized a maximum of 18,076,927 shares. As of the date of this
annual<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>report,
there were no stock options or restricted share units outstanding under the plan
except as described under &#8220;&#8211;Restricted Share Units.&#8221;</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Eligibility and
Participation</font>. All of our employees, directors and service providers are
eligible to participate in the plan.<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>The committee may
select from all eligible individuals those individuals to whom awards will be
granted and will determine the nature of any and all terms permissible by law
and the amount of each award.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Stock&#160;Options</font>.&#160;The&#160;committee&#160;may&#160;grant&#160;options&#160;to&#160;participants&#160;in&#160;such&#160;number,&#160;upon&#160;such&#160;terms&#160;and&#160;at&#160;any&#160;time</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">48</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">as it determines.
Each option grant will be evidenced by an award document that will specify the
exercise price, the maximum duration of the option, the number of shares to
which the option pertains, conditions upon which the option will become vested
and exercisable and such other provisions which are not inconsistent with the
plan.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;exercise&#160;price&#160;for&#160;each&#160;option&#160;will&#160;be:</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">based&#160;on&#160;100%&#160;of&#160;the&#160;fair&#160;market&#160;value&#160;of&#160;the&#160;shares&#160;on&#160;the&#160;date&#160;of&#160;grant;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">set&#160;at&#160;a&#160;premium&#160;to&#160;the&#160;fair&#160;market&#160;value&#160;of&#160;the&#160;shares&#160;on&#160;the&#160;day&#160;of&#160;grant;&#160;or</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8226;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">indexed&#160;to&#160;the&#160;fair&#160;market&#160;value&#160;of&#160;the&#160;shares&#160;on&#160;the&#160;date&#160;of&#160;grant,&#160;with&#160;the&#160;committee&#160;determining&#160;the&#160;index.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
exercise price on the date of grant must be at least equal to 100% of the fair
market value of the shares on the date of grant.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Each option will
expire at such time as the committee determines at the time of its grant;
however, no option will be exercisable later than the 10th anniversary of its
grant date. Notwithstanding the foregoing, for options granted to participants
outside the United States, the committee can set options that have terms greater
than ten years.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Options will be
exercisable at such times and be subject to such terms and conditions as the
committee approves. A condition of the delivery of shares as to which an option
will be exercised will be the payment of the exercise price. Subject to any
governing rules or regulations, as soon as practicable after receipt of written
notification of exercise and full payment, we will deliver to the participant
evidence of book-entry shares or, upon his or her request, share certificates in
an appropriate amount based on the number of shares purchased under the
option(s). The committee may impose such restrictions on any shares acquired
pursuant to the exercise of an option as it may deem advisable.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Each participant&#8217;s
award document will set forth the extent to which he or she will have the right
to exercise the options following termination of his or her employment or
services.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We&#160;have&#160;not&#160;yet&#160;granted&#160;any&#160;stock&#160;options&#160;under&#160;the&#160;plan.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Restricted Share Units</font>. The
committee may grant restricted share units to participants. Each grant will be
evidenced<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>by an
award document that will specify the period(s) of restriction, the number of
restricted share units granted and such other provisions as the committee
determines.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Generally,
restricted share units will become freely transferable after all conditions and
restrictions applicable to such shares have been satisfied or lapse and
restricted share units will be paid in cash, shares, or a combination, as
determined by the committee.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The committee may
impose such other conditions or restrictions on any restricted share units as it
may deem advisable, including a requirement that participants pay a stipulated
purchase price for each restricted share unit, restrictions based upon the
achievement of specific performance goals and time-based restrictions on
vesting.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">A&#160;participant&#160;will&#160;have&#160;no&#160;voting&#160;rights&#160;with&#160;respect&#160;to&#160;any&#160;restricted&#160;share&#160;units.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Each award document
will set forth the extent to which the participant will have the right to retain
restricted share units following termination of his or her employment or
services.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We committed to pay
a bonus to our employees to settle the accrued bonus payable in respect of their
service provided in 2004 and the ten months ended October 31, 2005, which was
satisfied through a grant of 990,220 RSUs on December 30, 2005. All RSUs granted
to employees as a bonus vested immediately on the grant date.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">49</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We made an
additional grant of 1,297,564 RSUs to our employees on December 30, 2005. The
vesting schedule for this RSU grant is as follows: 25% of the RSU grant vested
immediately on the grant date, and a subsequent 25% vested on each of September
30, 2006 and 2007, and with the remainder vesting September 30, 2008, subject to
certain forfeiture events.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We also made a grant
of 20,000 RSUs to our independent directors on December 30, 2005. The vesting
schedule for this RSU grant is as follows: 25% of the RSU grant vested
immediately on the grant date, and a subsequent 25% vested on each of June 30,
2006 and 2007, and with the remainder vesting June 30, 2008, subject to certain
forfeiture events.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We made a grant of
3,798,808 RSUs to our employees on September 29, 2006. The vesting schedule for
this RSU grant is as follows: 47.29% of the RSU grant vested immediately on the
grant date, and a subsequent 17.57% vested on September 26, 2007, with the
remainder vesting equally on each of September 30, 2008 and 2009, subject to
certain forfeiture events.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We made a grant of
6,694,411 RSUs to our employees on September 26, 2007. The vesting schedule for
this RSU grant is as follows: 54.55% of the RSU grant vested immediately and was
settled by cash in the amount of $14.4 million on the grant date, with the
remainder vesting equally on each of September 30, 2008, 2009 and 2010, subject
to certain forfeiture events.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Dividend Equivalents</font>. Any
participant selected by the committee may be granted dividend equivalents based
on the<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>dividends
declared on shares that are subject to any award, to be credited as of dividend
payment dates, during the period between the date the award is granted and the
date the award is exercised, vests, or expires, as determined by the committee.
Dividend equivalents will be converted to cash or additional shares by such
formula and at such time and subject to such limitations as determined by the
committee.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Transferability of Awards</font>.
Generally, awards cannot be sold, transferred, pledged, assigned, or otherwise
alienated or<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>hypothecated, other
than by will or by the laws of descent and distribution.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Adjustments in Authorized
Shares</font>. In the event of any of the corporate events or transactions
described in the plan,<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>to avoid any unintended
enlargement or dilution of benefits, the committee has the sole discretion to
substitute or adjust the number and kind of shares that can be issued or
otherwise delivered.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Forfeiture Events</font>. The
committee may specify in an award document that the participant's rights,
payments and<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>benefits with respect
to an award will be subject to reduction, cancellation, forfeiture or recoupment
upon the occurrence of certain specified events, in addition to any otherwise
applicable vesting or performance conditions of an award.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">If we are required
to prepare an accounting restatement owing to our material noncompliance, as a
result of misconduct, with any financial reporting requirement under the
securities laws, then if the participant is one of the individuals subject to
automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, the
participant will reimburse us the amount of any payment in settlement of an
award earned or accrued during the twelve-month period following the first
public issuance or filing with the SEC (whichever first occurred) of the
financial document embodying such financial reporting requirement.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Amendment and Termination</font>.
Subject to, and except as, provided in the plan, the committee has the sole
discretion<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>to
alter, amend, modify, suspend, or terminate the plan and any award document in
whole or in part. Amendments to the plan are subject to shareholder approval, to
the extent required by law, or by stock exchange rules or
regulations.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">50</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Share&#160;Ownership</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
following table sets forth the beneficial ownership of our ordinary shares, as
of June 1, 2008, by each of our directors and executive officers.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td align="left" valign="bottom" width="70%" style="BORDER-BOTTOM: black 2px solid">
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Owned</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Percentage&#160;of</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Shares&#160;Owned</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="70%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Dr.&#160;Biing-Seng&#160;Wu</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">32,093,786</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">16.81</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="70%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jordan&#160;Wu</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11,432,594</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5.99</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="70%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jung-Chun&#160;Lin</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="70%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Dr.&#160;Chun-Yen&#160;Chang</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">797,307</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">*</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="70%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Yuan-Chuan&#160;Horng</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">455,552</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">*</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="70%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chih-Chung&#160;Tsai</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,948,243</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1.54</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="70%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Max&#160;Chan</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">68,936</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">*</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="70%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Baker&#160;Bai</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,297,134</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1.20</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="70%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">John&#160;Chou</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">47,642</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">*</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="70%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Norman&#160;Hung</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">33,328</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">*</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
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                </div>
                <div>&#160;</div>
                <div align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">*&#160;Less&#160;than&#160;1%</font></div>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">None&#160;of&#160;our&#160;directors&#160;or&#160;executive&#160;officers&#160;has&#160;voting&#160;rights&#160;different&#160;from&#160;other&#160;shareholders.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">51</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 108pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 108pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><a name="page53"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: Arial">MAJOR
SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></a></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Major&#160;Shareholders</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CMO is a major
shareholder of ours. As of June 1, 2008, CMO beneficially owned 13.0% of our
outstanding shares. We have a close relationship with CMO, a leading TFT-LCD
panel manufacturer based in Taiwan which is listed on the Taiwan Stock Exchange.
CMO&#8217;s primary focus is the manufacture of large-sized TFT-LCD panels for use in
notebook computers, desktop monitors and LCD televisions. Several of Himax
Taiwan&#8217;s initial employees, including Dr. Biing-Seng Wu, our chairman, were
employees of CMO prior to the establishment of Himax Taiwan. CMO was Himax
Taiwan&#8217;s largest shareholder at the time of its incorporation and remains one of
our largest external shareholders. CMO has also been our largest customer since
our inception. As of December 31, 2007, sales to CMO (together with its
affiliates) accounted for 58.8% of our revenues. Certain of our directors also
hold key management positions at CMO. Jung-Chun Lin, our director, holds the
positions of director, vice president, chief financial officer and chief
accounting officer at CMO. Dr. Biing-Seng Wu, our chairman, is also a director,
executive vice president and chief technology officer of CMO. We also have
entered into various transactions with CMO as further described
below.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CMO has acquired our
shares through various transactions. In June 2001, CMO acquired (1) 4,375,000
shares in connection with its capital injection of NT$43,750,000, which is the
equivalent of NT$10 per share, or the par value of Himax Taiwan&#8217;s common shares
and (2) 247,000 shares, 986,000 shares and 1,267,000 shares in June 2001,
November 2001 and January 2002, respectively, as consideration for 14 patents
transferred to Himax Taiwan. In October 2003, CMO acquired 5,258,420 shares in
connection with its capital injection of NT$131,460,500, which is the equivalent
of NT$25 per share. In July 2002, September 2003 and September 2004, CMO
acquired 2,750,000 shares, 2,082,753 shares and 7,856,356 shares, respectively,
either as a result of stock splits or stock splits effected in the form of
dividends.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">There have been no
changes in our major shareholders or significant changes in the amount of shares
CMO holds since June 1, 2008.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The following table
sets forth information known to us with respect to the beneficial ownership of
our shares as of June 1, 2008, the most recent practicable date, by (1) each
shareholder known by us to beneficially own more than 5% of our shares and (2)
all directors and executive officers as a group.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div align="left">
                </div>
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td align="left" valign="bottom" width="68%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Name&#160;of&#160;Beneficial&#160;Owner</font></font></div>
                        </td>
                        <td align="left" valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Number&#160;of&#160;Shares</font></div><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Beneficially&#160;Owned</font></div>
                        </td>
                        <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Percentage&#160;of&#160;Shares</font></div><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Beneficially&#160;Owned</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="68%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="68%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Dr.&#160;Biing-Seng&#160;Wu</font></div>
                        </td>
                        <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" width="12%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">32,093,786</font></div>
                        </td>
                        <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="right" valign="bottom" width="12%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">16.81%</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="68%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jordan&#160;Wu</font></div>
                        </td>
                        <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" width="12%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11,432,594</font></div>
                        </td>
                        <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="right" valign="bottom" width="12%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5.99%</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="bottom" width="68%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO</font></div>
                        </td>
                        <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" width="12%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">24,822,529</font></div>
                        </td>
                        <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="right" valign="bottom" width="12%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">13.00%</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="68%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">All&#160;directors&#160;and&#160;executive&#160;officers&#160;as&#160;a&#160;group</font></div>
                        </td>
                        <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" width="12%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">50,174,522</font></div>
                        </td>
                        <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="right" valign="bottom" width="12%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26.28%</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Based on publicly
available information disclosed in the Schedule 13G filed on February 14, 2008,
FMR LLC and its affiliates, beneficially own a total of 23,985,887, or 12.39%,
of our shares.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">None of our major
shareholders has voting rights different from other shareholders. We are not
aware of any arrangement that may, at a subsequent date, result in a change of
control of our company.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
of June 1, 2008, 190,905,649 of our shares were outstanding. We believe that, of
such shares, 96,138,297 shares in the form of ADSs were held by approximately
9,727 holders in the United States as of June 1, 2008.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">52</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><a name="page54"><font style="DISPLAY: inline; COLOR: #0090c0">Related&#160;Party&#160;Transactions</font></a></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">CMO&#160;and&#160;Related&#160;Companies</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CMO</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We sell display
drivers to CMO. We generated net sales to CMO in the amount of $317.0 million in
2005, $335.8 million in 2006, and $281.8 million in 2007 and our receivables
from these sales were $67.4 million, $81.6 million and $94.1 million as of
December 31, 2005, 2006 and 2007, respectively.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We
lease office space and equipment from CMO. Rent and utility expenses paid to CMO
amounted to $0.6 million in 2005, $0.8 million in 2006 and $0.5 million in
2007.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Himax Display also
provides liquid crystal injection services to CMO. Himax Display generated net
sales of approximately $45,000 in 2005 from CMO in connection with these
services. Himax Display purchased liquid crystal from CMO, which was used for
Himax Display&#8217;s liquid crystal injection services, in amounts of $703,000,
$81,500 and $11,600 in 2005, 2006 and 2007, respectively.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In February 2006 and
March 2007, our board approved a donation of approximately $150,000 to Chi Mei
Culture Foundation, a non-profit organization affiliated with CMO, which is
dedicated to the promotion of the arts and culture in Taiwan.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Chi&#160;Mei&#160;Optoelectronics&#160;Japan&#160;Co.,&#160;Ltd.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Chi Mei
Optoelectronics Japan Co., Ltd., or CMO-Japan, (formerly named International
Display Technology Co., Ltd., or IDTech) an affiliate of our company, is a
privately held company 100% owned by CMO. Incorporated in Japan with
headquarters based in Yasu, Japan, IDTech has historically developed and
manufactured large-sized, high-resolution TFT-LCD panels and currently markets
TFT-LCD panels for CMO. We sell display drivers to CMO-Japan. We generated net
sales to CMO-Japan in the amount of $0.3 million in 2005 and nil in 2006 and
2007. We had no receivables from these sales as of December 31, 2006 and
2007.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Chi&#160;Mei&#160;Corporation</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Chi Mei Corporation,
or CMC, is a privately held company incorporated in Taiwan and is the largest
shareholder of CMO. CMC manufactures various products, including acrylonitrile
butadiene styrene resins. We purchased consumable and miscellaneous items from
CMC in the amount of $48,000, $93,000 and $6,000 in 2005, 2006 and 2007,
respectively.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">NingBo&#160;Chi&#160;Mei&#160;Optoelectronics&#160;Ltd.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">NingBo Chi Mei
Optoelectronics Ltd., or CMO Ningbo, is a subsidiary of CMO. We sell display
drivers to CMO Ningbo. We generated net sales to CMO Ningbo in the amount of
$0.7 million in 2005, $73.9 million in 2006 and $249.1 million in 2007, and our
receivables from these sales were $0.7 million, $33.9 million and $92.8 million
as of December 31, 2005, 2006 and 2007, respectively.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Chi&#160;Lin&#160;Technology&#160;Co.,&#160;Ltd.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We sell display
drivers to Chi Lin Technology Co., Ltd., or Chi Lin Tech, a company controlled
by CMC. Chi Lin Tech, a publicly held Taiwanese company headquartered in Tainan,
Taiwan, is engaged in the business of, among other things, the sale of
LCD-related parts and the repair and maintenance of TFT-LCD panels. We generated
net sales to Chi Lin Tech in the amount of $2.8 million, $3.0 million and $7.2
million in 2005, 2006 and 2007, respectively, and our receivables from these
sales was $1.2 million, $0.4 million and $1.0 million as of December 31, 2005,
2006 and 2007, respectively.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">TopSun&#160;Optoelectronics,&#160;Inc.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We
sell display drivers to TopSun Optoelectronics Inc., or TopSun, whose board of
directors is controlled by Chi Lin Tech. On January 1, 2007, TopSun merged with
Chi Lin Tech, with Chi Lin Tech being the surviving company. We</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page55"><br></a></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">generated net sales
to TopSun in the amount of $1.1 million in 2006, and our receivables from these
sales were $1.2 million as of December 31, 2006. We did not generate net sales
from TopSun prior to 2006.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Other&#160;Related&#160;Company</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Jemitek&#160;Electronics&#160;Corp.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">From June 2003 to
November 2006, our chief executive officer was on the board of directors of
Jemitek Electronics Corp., or JEC. On March 1, 2007, JEC merged with InnoLux
Display Corporation, with InnoLux Display Corporation being the surviving
company. We sell display drivers to JEC, a privately held Taiwanese company
headquartered in Taipei, Taiwan which designs and assembles small and
medium-sized LCD panels for mobile phones and digital media players. We also
owned an equity interest in JEC beginning in June 2003, but disposed of all of
our interest in October 2006. We generated net sales to JEC in the amount of
$1.6 million and approximately $9,000 in 2005 and 2006, respectively, and our
receivables from these sales were $0.1 million and nil as of December 31, 2005
and 2006, respectively. We did not generate any net sales to JEC in 2007 and did
not have any receivables from them as of December 31, 2007.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Litigation</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On July 30, 2007, a
class action was filed in the United States District Court for the Central
District of California entitled <font style="DISPLAY: inline; FONT-STYLE: italic">Vivian Oh v. Max Chan</font>,
CV07-04891-DDP. The suit was allegedly brought on behalf of purchasers of our
ordinary<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>shares
pursuant and/or traceable to our initial public offering on or about March 30,
2006. The complaint named our Chief Financial Officer, Max Chan, as the sole
defendant, alleging a breach of fiduciary duty and violations of Sections 11,
12(a)(2) and 15 of the Securities Act. The complaint sought damages in an
unspecified amount, rescission of the initial public offering, and attorney&#8217;s
fees and costs. On August 30, 2007, a similar class action was filed in the same
court entitled <font style="DISPLAY: inline; FONT-STYLE: italic">Michael
Pfeiffer v. Himax Technologies, Inc., Max Chan, and Jordan Wu</font>,
CV07-05468-JFW. The suit was allegedly brought on behalf of purchasers of our
ADSs issued in our initial public offering. The complaint named us, our Chief
Executive Officer, Jordan Wu, and our Chief Financial Officer, Max Chan, as
defendants, alleging violations of Sections 11 and 15 of the Securities Act. The
complaint sought damages in an unspecified amount and attorney&#8217;s fees and
costs.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On October 3, 2007,
the plaintiffs moved to consolidate the cases, appoint lead plaintiffs and
approve lead plaintiffs&#8217; selection of counsel. That motion was granted on
February 5, 2008. Plaintiffs filed an amended complaint on February 25, 2008.
The amended complaint again names as defendants us, Jordan Wu, and Max Chan, and
adds Chairman Biing-Seng Wu, director Jung-Chun Lin and CMO as defendants. The
amended complaint alleges that defendants violated Sections 11 and 15 of the
Securities Act by failing to disclose certain facts related to CMO&#8217;s inventory.
Plaintiffs seek unspecified damages, attorney&#8217;s fees and expenses, and
rescission of the initial public offering. We and the individual defendants
intend to defend against this case vigorously.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Dividends</font><font style="DISPLAY: inline; COLOR: #0090c0">&#160;and&#160;Dividend&#160;Policy</font></font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our
dividend policy is to retain the majority, if not all, of our available funds
and any future earnings for use in the operation and growth of our
business.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 were 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. In 2006, we
did not distribute any dividends.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On
October 30, 2007 we paid a cash dividend to our shareholders in the amount of
approximately $39.7 million, or the equivalent of US$0.20 per share based on our
total shares outstanding as of October 5, 2007, the record date.</font></div>
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                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On May 27, 2008, we
announced a cash dividend of US$0.35 per share that will be payable on June 27,
2008, based on our total shares outstanding as of June 16, 2008, the record
date.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
dividends distributed in 2005, 2006 and 2007 should not be considered
representative of the dividends that would be paid in any future periods or of
our dividend policy.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our ability to pay
cash or stock dividends will depend, at least partially, 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&#8217;s articles of incorporation, Himax Taiwan is permitted to distribute
dividends after allowances have been made for:</font></div>
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                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">payment&#160;of&#160;taxes;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
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                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">recovery&#160;of&#160;prior&#160;years&#8217;&#160;deficits,&#160;if&#160;any;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
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                      <tr valign="top">
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                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">legal reserve
      (in an amount equal to 10% of annual net income after having deducted the
      above items until such time as its legal reserve equals the amount of its
      total paid-in capital);</font></div>
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                      </tr>
                  </table>
                </div>
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                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">special&#160;reserve&#160;based&#160;on&#160;relevant&#160;laws&#160;or&#160;regulations,&#160;or&#160;retained&#160;earnings,&#160;if&#160;necessary;</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
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                        <td align="right" style="WIDTH: 27pt">
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                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">dividends&#160;for&#160;preferred&#160;shares,&#160;if&#160;any;&#160;and</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
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                        </td>
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                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">cash or stock
      bonus to employees (in an amount less than 10% of annual net income) and
      remuneration for directors and supervisor(s) (in an amount less than 2% of
      the annual net income); after having 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&#8217;
approval.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Furthermore, if
Himax Taiwan does not record any net income for any year as determined in
accordance with generally accepted accounting principles in Taiwan, it generally
may not distribute dividends for that year.</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
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                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 152pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 19pt; COLOR: #0090c0; FONT-FAMILY: Helvetica, sans-serif"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: Arial">Report
of Independent Registered</font></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 152pt" align="left"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 19pt; COLOR: #0090c0; FONT-FAMILY: Helvetica, sans-serif"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: Arial">Public
Accounting Firm</font></font><br></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
Board of Directors and Stockholders Himax Technologies, Inc.:</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We have audited the
accompanying consolidated balance sheets of Himax Technologies, Inc. (a Cayman
Island Company) and subsidiaries as of December 31, 2006 and 2007, and the
related consolidated statements of income, comprehensive income, stockholders&#8217;
equity and cash flows for each of the years in the three-year period ended
December 31, 2007. These consolidated financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an
opinion on these consolidated financials statements based on our
audits.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 misstatements. 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 statements presentation. We believe that our audits provide a
reasonable basis for our opinion.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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, 2006 and 2007, and the results of their
operations and their cash flows for each of the years in the three-year period
ended December 31, 2007, in conformity with U. S. generally accepted accounting
principles.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As described in the
Notes 2 and 14 to the consolidated financial statements, the Company adopted the
recognition and disclosure provisions of Statements of Financial Accounting
Standards No. 158, <font style="DISPLAY: inline; FONT-STYLE: italic">Employers&#8217;
Accounting for Defined Benefit</font> <font style="DISPLAY: inline; FONT-STYLE: italic">Pension and Other Postretirement
Plans</font>, as of December 31, 2006.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We also have
audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), Himax Technologies, Inc.&#8217;s internal control
over financial reporting as of December 31, 2007, based on criteria established
in <font style="DISPLAY: inline; FONT-STYLE: italic">Internal Control &#8211;
Integrated Framework </font>issued by the Committee of Sponsoring Organizations
of the Treadway Commission<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>(COSO), and our report
dated June 16, 2008 expressed an unqualified opinion on the effectiveness of the
Company&#8217;s internal control over financial reporting.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">/s/&#160;KPMG&#160;Certified&#160;Public&#160;Accountants</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Taipei, Taiwan (the
Republic of China) </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">June 16,
2008</font></div>
                  <div>&#160;</div>
                  <div><br>&#160;</div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">56</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                  </div><br>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><a name="page58"><font style="DISPLAY: inline; COLOR: #808080">HIMAX&#160;TECHNOLOGIES,&#160;INC.
      AND&#160;SUBSIDIARIES</font></a></font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #0090c0; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #0090c0">Consolidated&#160;Balance&#160;Sheets</font></font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #808080">Decem</font><font style="DISPLAY: inline; COLOR: #808080">ber&#160;31,&#160;2006&#160;and&#160;2007</font></font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="7" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">(in
      thousands of US dollars)</font></font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="7" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #4c4c4c">2006</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Assets</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current&#160;assets:</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash&#160;and&#160;cash&#160;equivalents</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">109,753</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">94,780</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Marketable&#160;securities&#160;available-for-sale</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">8,828</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,208</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Restricted&#160;cash&#160;equivalents&#160;and&#160;marketable&#160;securities</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">108</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">97</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accounts&#160;receivable,&#160;less&#160;allowance&#160;for&#160;doubtful&#160;accounts,</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">sales&#160;returns&#160;and&#160;discounts&#160;of&#160;$464&#160;and&#160;$190&#160;at</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2006&#160;and&#160;2007,&#160;respectively</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">112,767</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">88,682</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accounts&#160;receivable&#160;from&#160;related&#160;parties,&#160;less&#160;allowance&#160;for</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">sales&#160;returns&#160;and&#160;discounts&#160;of&#160;$404&#160;and&#160;$303&#160;at</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2006&#160;and&#160;2007,&#160;respectively</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">116,850</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">194,902</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Inventories</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">101,341</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">116,550</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred&#160;income&#160;taxes</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">6,744</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12,684</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Prepaid&#160;expenses&#160;and&#160;other&#160;current&#160;assets</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">10,324</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,369</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;current&#160;assets</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">466,715</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">538,272</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Property,&#160;plant&#160;and&#160;equipment,&#160;net</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">38,895</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">46,180</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred&#160;income&#160;taxes</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">11,405</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">20,714</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Goodwill</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26,878</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Intangible&#160;assets,&#160;net</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">393</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12,721</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Investments&#160;in&#160;non-marketable&#160;securities</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">817</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7,138</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Refundable&#160;deposits&#160;and&#160;prepaid&#160;pension&#160;costs</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">569</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">859</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">52,079</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">114,490</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;assets</font></div>
                          </td>
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                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">518,794</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">652,762</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080">See accompanying notes
to consolidated financial statements.</font></font><br>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">57</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="bottom" width="79%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><a name="page59"><font style="DISPLAY: inline; COLOR: #808080">HIMAX&#160;TECHNOLOGIES,&#160;INC.
      AND&#160;SUBSIDIARIES</font></a></font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="79%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #0090c0; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #0090c0">Consolidated&#160;Balance&#160;Sheets&#160;(Continued)</font></font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="79%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #808080">December&#160;31,&#160;2006&#160;and&#160;2007</font></font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="79%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="7" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="79%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="7" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="79%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="7" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(in
      thousands of US dollars,</font></font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="79%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;
      </font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="7" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">except
      share and per share data)</font></font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="79%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="7" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="79%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #4c4c4c">2006</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="79%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Liabilities,&#160;Minority&#160;Interest&#160;and&#160;Stockholders&#8217;&#160;Equity</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="79%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current&#160;liabilities:</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="79%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accounts&#160;payable</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">120,407</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">147,221</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="79%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income&#160;tax&#160;payable</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">11,666</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19,147</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="79%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other&#160;accrued&#160;expenses&#160;and&#160;other&#160;current&#160;liabilities</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">21,206</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19,231</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="79%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;current&#160;liabilities</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">153,279</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">185,599</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="79%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued&#160;pension&#160;liabilities</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">192</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">218</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="79%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred&#160;income&#160;taxes</font></div>
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                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,547</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="79%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;liabilities</font></div>
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                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">153,471</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">190,364</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="79%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Minority&#160;interest</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">1,396</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11,089</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="79%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="78%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Ordinary&#160;shares,&#160;US$0.0001&#160;par&#160;value,&#160;500,000,000&#160;shares&#160;authorized;</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="78%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">193,600,302&#160;and&#160;191,979,691&#160;shares&#160;issued&#160;and&#160;outstanding&#160;at</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="78%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2006&#160;and&#160;2007,&#160;respectively</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">19</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="78%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Additional&#160;paid-in&#160;capital</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">221,666</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">235,894</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="78%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accumulated&#160;other&#160;comprehensive&#160;loss</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">(275</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(7</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Unappropriated&#160;retained&#160;earnings</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">142,517</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">215,403</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;stockholders&#8217;&#160;equity</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">363,927</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">451,309</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="79%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">58</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><a name="page60"><font style="DISPLAY: inline; COLOR: #808080">HIMAX&#160;TECHNOLOGIES,&#160;INC.
      AND&#160;SUBSIDIARIES</font></a></font></div>
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                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #0090c0; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #808080">Years&#160;ended&#160;December&#160;31,&#160;2005,&#160;2006&#160;and&#160;2007</font></font></div>
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                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="10" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">(in
      thousands of US dollars, </font></font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">except
      per share data)</font></font></div>
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                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
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                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">2006</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Revenues</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Revenues&#160;from&#160;third&#160;parties,&#160;net</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">217,420</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">329,886</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">371,267</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Revenues&#160;from&#160;related&#160;parties,&#160;net</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">322,784</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">546,944</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td valign="bottom" width="67%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;
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                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">744,518</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">918,211</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="white">
                          <td valign="bottom" width="68%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Cost&#160;of&#160;revenues</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">419,380</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">601,565</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">716,163</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Research&#160;and&#160;development</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">41,278</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">60,655</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">73,906</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">General&#160;and&#160;administrative</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">6,784</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">9,762</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">14,903</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Sales&#160;and&#160;marketing</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">4,762</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">6,970</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">9,334</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Total&#160;costs&#160;and&#160;expenses</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">472,204</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">678,952</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">814,306</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Operating&#160;income</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">68,000</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td valign="bottom" width="68%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Interest&#160;income</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">580</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Gain&#160;on&#160;sale&#160;of&#160;marketable&#160;securities,&#160;net</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">105</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">60</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">112</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Other&#160;than&#160;temporary&#160;impairment&#160;loss&#160;on&#160;investments</font></div>
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                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">in&#160;non-marketable&#160;securities</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(129</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(1,500</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Foreign&#160;currency&#160;exchange&#160;gains&#160;(losses),&#160;net</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">1,808</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(341</font></font></td>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(319</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
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                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Interest&#160;expense</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(125</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(311</font></font></td>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Other&#160;income,&#160;net</font></div>
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                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">19</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">173</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">464</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td valign="bottom" width="67%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;
      </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">2,258</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">3,941</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">5,690</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Earnings&#160;before&#160;income&#160;taxes&#160;and&#160;minority&#160;interest</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">70,258</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">69,507</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">109,595</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Income&#160;tax&#160;expense&#160;(benefit)</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">8,923</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(5,446</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(1,860</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Income&#160;before&#160;minority&#160;interest</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">61,335</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">74,953</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">111,455</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Minority&#160;interest,&#160;net&#160;of&#160;tax</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">223</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">237</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">1,141</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Net&#160;income</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">61,558</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">75,190</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">112,596</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Basic&#160;earnings&#160;per&#160;ordinary&#160;share</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">0.35</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">0.39</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">0.57</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Diluted&#160;earnings&#160;per&#160;ordinary&#160;share</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">0.34</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">0.39</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">0.57</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080">See accompanying notes
to consolidated financial statements.</font></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">59</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: Arial"><a name="page61"><font style="DISPLAY: inline; COLOR: #808080">HIMAX&#160;TECHNOLOGIES,&#160;INC.
AND&#160;SUBSIDIARIES</font></a></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Consolidated&#160;Statements&#160;of&#160;Comprehensive&#160;Income</font></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #808080">Years&#160;ended&#160;December&#160;31,&#160;2005,&#160;2006&#160;and&#160;2007</font></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="10" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">(in
      thousands of US dollars)</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">2005</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">2006</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Net&#160;income</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">61,558</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">75,190</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">112,596</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Other&#160;comprehensive&#160;income:</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Unrealized&#160;gains&#160;on&#160;securities,&#160;not&#160;subject&#160;to&#160;income&#160;tax:</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Unrealized&#160;holding&#160;gains&#160;on&#160;available-for-sale</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">marketable&#160;securities&#160;arising&#160;during&#160;the&#160;period</font></div>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Reclassification&#160;adjustment&#160;for&#160;realized&#160;gains&#160;included</font></div>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">in&#160;net&#160;income</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(112</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
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                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Foreign&#160;currency&#160;translation&#160;adjustments,&#160;net&#160;of</font></div>
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                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">income&#160;tax&#160;of&#160;$3,&#160;$6&#160;and&#160;$0&#160;in&#160;2005,&#160;2006&#160;and</font></div>
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                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">2007,&#160;respectively</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">5</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">24</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">202</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Net&#160;unrecognized&#160;actuarial&#160;loss,&#160;net&#160;of&#160;tax&#160;of&#160;$22</font></div>
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                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#8211;</font></font></td>
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                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(20</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Comprehensive&#160;income</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">61,587</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">75,210</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">112,864</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
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                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080">See accompanying notes
to consolidated financial statements.</font></font></div><br>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">60</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                  </div><br>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: Arial"><a name="page62"><font style="DISPLAY: inline; COLOR: #808080">HIMAX TECHNOLOGIES,
INC. AND SUBSIDIARIES</font></a></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0492bf">Consolidated Statements of
Stockholders</font><font style="DISPLAY: inline; COLOR: #0492bf">&#8217;</font><font style="DISPLAY: inline; COLOR: #0492bf"> Equity</font></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #808080">Years ended December 31, 2005, 2006 and
2007</font></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="bottom" width="2%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">(in
      thousands of US dollars and
shares)</font></font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                    <div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td valign="bottom" width="37%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="6" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                                  </div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Ordinary
      share</font></div>
                                </div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="37%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                                  </div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Shares</font></div>
                                </div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                                  </div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Amount</font></div>
                                </div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                                  </div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Additional
      paid-in capital</font></div>
                                </div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                                  </div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Treasury
      shares</font></div>
                                </div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                                  </div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Accumulated
      other comprehensive income (loss)</font></div>
                                </div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                                  </div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Unappropriated
      retained earnings</font></div>
                                </div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                                  </div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total</font></div>
                                </div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Balance
      at January 1, 2005</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">180,769</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font id="TAB1" style="MARGIN-LEFT: 10.65pt"></font>18</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">85,508</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">7</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">19,327</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">104,860</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Declaration of
      special cash dividends</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
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                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(13,558</font></td>
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                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Issuance of
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">8,536</font></td>
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                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Share-based
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">4,184</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Dilution gain
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">222</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">222</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Unrealized
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">24</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">24</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Foreign
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                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">5</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">5</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="37%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Net
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                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">61,558</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">61,558</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
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                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Balance
      at December 31, 2005</font></div>
                              </td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">182,089</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">18</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">98,450</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">36</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">67,327</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">165,831</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Issuance of
      ordinary shares upon initial public offering net of issuance costs of
      $8,207</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">17,290</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">2</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">147,406</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">147,408</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Shares
      acquisition</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(7,886</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(39,460</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(39,460</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Shares
      retirement</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(1</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(39,459</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">15,091</font></td>
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                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Dilution gain
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">178</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">178</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Adjustment
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(331</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(331</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Unrealized
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(4</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(4</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Foreign
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                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">24</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Net
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                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
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                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
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                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">75,190</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">75,190</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Balance
      at December 31, 2006</font></div>
                              </td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">193,600</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">19</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">221,666</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(275</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">142,517</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">363,927</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Issuance of
      ordinary shares in connection with the acquisition of Wisepal
      Technologies, Inc.</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">6,217</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">45,032</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">45,032</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Ordinary
      shares to be issued in connection with the acquisition of Wisepal
      Technologies, Inc.</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,687</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,687</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Shares
      acquisition</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(8,730</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(39,207</font></td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(39,207</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
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                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Shares
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(39,207</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">39,207</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Share-based
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">893</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">5,883</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">5,883</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Dilution gain
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">833</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">833</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Net
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(20</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(20</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Unrealized
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                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">86</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">86</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">202</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">202</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <td align="left" valign="bottom" width="37%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Declaration of
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                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(39,710</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(39,710</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="37%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Net
      income</font></div>
                              </td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">112,596</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">112,596</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="37%" style="PADDING-BOTTOM: 4px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 8.25pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Balance
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                              </td>
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                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">191,980</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font id="TAB1" style="MARGIN-LEFT: 10.65pt"></font>19</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">235,894</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">(7</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">215,403</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">451,309</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080">See accompanying notes
to consolidated financial statements.</font></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">61</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
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                      <div id="HDR">
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</font></div>
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                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="bottom" width="49%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><a name="page63"><font style="DISPLAY: inline; COLOR: #808080">HIMAX&#160;TECHNO</font><font style="DISPLAY: inline; COLOR: #808080">LOGIES,&#160;INC.
      AND&#160;SUBSIDIARIES</font></a></font></div>
                          </td>
                          <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        </tr>
                        <tr>
                          <td align="left" colspan="4" valign="bottom" width="58%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #0090c0; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #0090c0">Consolidated&#160;Statements&#160;of&#160;Cash&#160;Flows</font></font></div>
                          </td>
                          <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="49%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #808080">Years&#160;ended&#160;December&#160;31,&#160;2005,&#160;2006&#160;and&#160;2007</font></font></div>
                          </td>
                          <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        </tr>
                    </table>
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                  <div>&#160;</div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="10" valign="bottom">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font>
      <font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">(in
      thousands of US dollars)</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;
      </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;
      </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">2005</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">2006</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">Cash&#160;flows&#160;from&#160;operating&#160;activities:</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">Net&#160;income</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">61,558</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">75,190</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">112,596</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">Adjustments&#160;to&#160;reconcile&#160;net&#160;income&#160;to&#160;net&#160;cash&#160;provided&#160;by</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">operating&#160;activities:</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">Depreciation&#160;and&#160;amortization</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">3,613</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">Purchase&#160;of&#160;land,&#160;property&#160;and&#160;equipment</font></div>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
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                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">securities</font></div>
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                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">(13,724</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">13,945</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">11</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">Net&#160;cash&#160;used&#160;in&#160;investing&#160;activities</font></div>
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                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">(25,363</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">(8,927</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">(25,019</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
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                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080">See accompanying notes
to consolidated financial statements.</font></font></div><br>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">62</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: Arial"><a name="page64"><font style="DISPLAY: inline; COLOR: #808080">HIMAX&#160;TECHNOLOGIES,&#160;INC.
AND&#160;SUBSIDIARIES</font></a></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Consolidated&#160;Statements&#160;of&#160;Cash&#160;Flows&#160;(Continued)</font></font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #808080">Years&#160;ended&#160;December&#160;31,&#160;2005,&#160;2006&#160;and&#160;2007</font></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="10" valign="bottom">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">(in
      thousands of US dollars)</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">2005</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">2006</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Cash&#160;flows&#160;from&#160;financing&#160;activities:</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Distribution&#160;of&#160;cash&#160;dividends</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(13,558</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(39,710</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Proceeds&#160;from&#160;initial&#160;public&#160;offering,&#160;net&#160;of&#160;issuance&#160;costs</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#8211;</font></font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">147,408</font></font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">4</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">12</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">125</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Net&#160;increase&#160;(decrease)&#160;in&#160;cash&#160;and&#160;cash&#160;equivalents</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">1,509</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">102,667</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">(14,973</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Cash&#160;and&#160;cash&#160;equivalents&#160;at&#160;beginning&#160;of&#160;year</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">5,577</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">7,086</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">109,753</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Cash&#160;and&#160;cash&#160;equivalents&#160;at&#160;end&#160;of&#160;year</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">7,086</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">109,753</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">94,780</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Supplemental&#160;disclosures&#160;of&#160;cash&#160;flow&#160;information:</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Cash&#160;paid&#160;during&#160;the&#160;year&#160;for:</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Interest</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">125</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">311</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Income&#160;taxes</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">1,130</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #4c4c4c; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">5,695</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Fair&#160;value&#160;of&#160;ordinary&#160;shares&#160;issued&#160;by&#160;Himax&#160;Display,&#160;Inc.&#160;in</font></div>
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                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">the&#160;acquisition&#160;of&#160;Integrated&#160;Microdisplays&#160;Limited</font></div>
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                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#8211;</font></td>
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                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
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                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080">See accompanying notes
to consolidated financial statements.</font></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">63</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: Arial"><a name="page65"><font style="DISPLAY: inline; COLOR: #808080">HIMAX&#160;TECHNOLOGIES,&#160;INC.
AND&#160;SUBSIDIARIES</font></a></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #0090c0; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #0090c0">Notes&#160;to&#160;Consolidated&#160;Financial&#160;Statements</font></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #808080; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #808080">December&#160;31,&#160;2005,&#160;2006&#160;and&#160;2007</font></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;1.&#160;Background,&#160;Principal&#160;Activities&#160;and&#160;Basis&#160;of&#160;Presentation</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Background</font></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Himax Technologies
Limited (&#8220;Himax Taiwan&#8221;) 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></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On June 10, 2005,
Himax Taiwan&#8217;s shareholders resolved the exchange of shares between Himax Taiwan
and Himax Technologies, Inc. (the &#8220;Company&#8221;) 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.&#8217;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&#8217;s plans to expand its investment in the ROC
as well as undertakings to submit certain documentation after the effectiveness
of the share exchange. Refer to Note 22 (j) for further details. Upon completion
of the share exchange, Himax Taiwan became Himax Technologies, Inc.&#8217;s directly
and wholly-owned subsidiary.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On April 4 and 13,
2006, the Company completed its initial public offering and sold 17,290,588
American Depositary Shares (&#8220;ADSs&#8221;), representing 17,290,588 new ordinary
shares, at an initial public offering price of US$8.55 per ADS after deducting
underwriting discounts and commissions. The Company received net proceeds, after
deduction of the related offering costs, in the amount of $147,408
thousand.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Since March 2006,
the Company&#8217;s ordinary shares have been quoted on the NASDAQ Global Market under
the symbol &#8220;HIMX.&#8221; in the form of ADSs.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="+0"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Principal&#160;Activities</font></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Himax Technologies,
Inc. and subsidiaries (collectively, the Company) designs, develops and markets
semiconductors that are critical components of flat panel displays. The
Company&#8217;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 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. In addition, the Company has expanded its product offering
to include television semiconductor solutions, as well as liquid crystal on
silicon (LCOS) products. The Company&#8217;s customers are TFT-LCD panel
manufacturers, LCD and mobile device module manufacturers and television
makers.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Basis&#160;of&#160;Presentation</font><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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. were owned by former
shareholders of Himax Taiwan until the Company's initial public offering. 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></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
accompanying consolidated financial statements of the Company have been prepared
in conformity with US generally accepted accounting principles (&#8220;US
GAAP&#8221;).</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">64</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                  </div><br>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;2.&#160;Summary&#160;of&#160;Significant&#160;Accounting&#160;Policies</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(a)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Principles&#160;of&#160;Consolidation</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The accompanying
consolidated financial statements include the accounts and operations of the
Himax Technologies, Inc., and all its majority owned subsidiaries. All
significant intercompany balances and transactions have been eliminated in
consolidation.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(b)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Use&#160;of&#160;Estimates</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 useful lives of property, plant and
equipment and intangible assets, allowances for doubtful accounts and sales
returns; the valuation of deferred income tax assets, property, plant and
equipment, inventory, potential impairment of marketable securities and other
equity investments, share-based compensation; reserves for employee benefit
obligations, and income tax uncertainties and other contingencies. Actual
results could differ from those estimates.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(c)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Cash&#160;and&#160;Cash&#160;Equivalents</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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. As of
December 31, 2006 and 2007, the Company had $89,500 thousand and $62,337
thousand of cash equivalents, respectively, consisting of NT$ and US dollar
denominated time deposits with an original maturity of less than three months.
As of December 31, 2007, the Company had $97 thousand of negotiable certificate
of deposits with an original maturity of more than three months, which had been
pledged as collateral.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(d)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Marketable&#160;Securities</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of December 31,
2006 and 2007, all of the Company&#8217;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
earnings and reported in other comprehensive income. Available-for-sale
securities, which mature or are expected to be sold in one year, are classified
as current assets.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Declines in market
value are charged against earnings at the time that a decline has been
determined to be other than temporary, which is based primarily on the financial
condition of the issuer and the extent and length of time of the
decline.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;cost&#160;of&#160;the&#160;securities&#160;sold&#160;is&#160;computed&#160;based&#160;on&#160;the&#160;moving&#160;average&#160;cost&#160;of&#160;each&#160;security&#160;held&#160;at&#160;the&#160;time&#160;of&#160;sale.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(e)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Inventories</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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&#8217;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</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">65</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                  </div><a name="page67" />
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">income when such
products are sold. Sales to date of such products have not had a significant
impact on the Company's operating income.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(f)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Investments&#160;in&#160;Non-Marketable&#160;Securities</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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,
management 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></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(g)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Property,&#160;Plant&#160;and&#160;Equipment</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Property, plant and
equipment consists primarily of land purchased in August 2005 as the
construction site of the Company&#8217;s new headquarters which was completed in
November 2006, and machinery and equipment used in the design and development of
products, and is stated at cost. Depreciation on building and 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 which range as follows: building 25 years, building improvements, 6 to 16
years, machinery and equipment, generally three to six years. Leasehold
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 five
years.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(h)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Goodwill</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Goodwill represents
the excess of the aggregate purchase price over the fair value of the net assets
acquired in connection with the Company's acquisition of Wispal Technologies,
Inc. in 2007. Goodwill is reviewed for impairment at least annually in
accordance with the provisions of FASB Statement No. 142, <font style="DISPLAY: inline; FONT-STYLE: italic">Goodwill and Other Intangible
Assets</font>. Impairment testing for goodwill is done at a reporting unit
level. The goodwill impairment test is a two-step test. Under the first step,
the fair value of the reporting unit is compared with its carrying value
(including goodwill). If the fair value of the reporting unit is less than its
carrying value, an indication of goodwill impairment exists for the reporting
unit and the Company must perform step two of the impairment test (measurement).
Under step two, an impairment loss is recognized for any excess of the carrying
amount of the reporting unit&#8217;s goodwill over the implied fair value of that
goodwill. The implied fair value of goodwill is determined by allocating the
fair value of the reporting unit in a manner similar to a purchase price
allocation, in accordance with FASB Statement No. 141, <font style="DISPLAY: inline; FONT-STYLE: italic">Business Combinations</font>. The
residual fair value after this allocation is the implied fair value of the
reporting unit goodwill. If the fair value of the reporting unit exceeds its
carrying value, step two does not need to be performed. Management considers the
enterprise as a whole to be the reporting unit for purpose of evaluating
goodwill impairment and consequently, determines the fair value of the reporting
unit using the quoted market price of the Company&#8217;s ordinary
shares.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">During 2007,
management performed its annual impairment testing of goodwill and concluded
that there was no impairment in 2007.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">66</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                  </div><a name="page68" />
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(i)&#160;&#160;
Intangible&#160;Assets</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Acquired intangible
assets include patents, developed technology and customer relationships assets
at December 31, 2006 and 2007. Intangible assets are amortized on a
straight-line basis over their estimated useful lives; patents, five years,
developed technology, five to seven years and customer relationships, seven
years.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#160;(j)&#160;&#160;
Derivative&#160;Financial&#160;Instruments</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 meet all the conditions 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 income.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(k)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Impairment&#160;of&#160;Long-Lived&#160;Assets</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company&#8217;s
long-lived assets, which consist of property, plant and equipment and intangible
assets subject to amortization, 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. Management generally determines fair value based on the estimated
discounted future cash flows expected to be generated by the asset.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(l)&#160;&#160;
Revenue&#160;Recognition</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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. 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&#8217;s facilities or the outsourced assembly and testing house. In
some cases, title and risk of loss does not pass to the customer when the
product is received by them. In these cases, the Company recognizes revenue at
the time when title and risk of loss is transferred, assuming all other revenue
recognition criteria have been satisfied. These cases include several inventory
locations where the Company manages inventory for its customers, some of which
inventory is at customer facilities. In such cases, revenue is not recognized
when products are received at these locations; rather, revenue is recognized
when customers take the inventory from the location for their use.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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, management may determine that additional sales
discount and return allowances are required to properly reflect the Company&#8217;s
estimated remaining exposure for sales discounts and product
returns.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Sales taxes
collected from customers and remitted to governmental authorities are accounted
for on a net basis and therefore are excluded from revenues in the consolidated
statements of income.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(m)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Product&#160;Warranty</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Under the Company&#8217;s
standard terms and conditions of sale, products sold are subject to a limited
product quality warranty.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">67</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                  </div><a name="page69" />
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 recognized based primarily on historical experience and any
specifically identified quality issues.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(n)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Research&#160;and&#160;Development&#160;and&#160;Advertising&#160;Costs</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company&#8217;s
research and development and advertising expenditures are charged to expense as
incurred. Advertising expenses for the years ended December 31, 2005, 2006 and
2007, were $29 thousand, $27 thousand and $8 thousand,
respectively.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 income based on the percentage of actual qualifying expenditures
incurred to date to the most recent estimate of total expenditures for which
they are intended to be compensated.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(o)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Employee&#160;Retirement&#160;Plan</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company has
established an employee noncontributory defined benefit retirement plan (the
&#8220;Defined Benefit Plan&#8221;) covering full-time employees in the ROC.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company records
annual amounts relating to its pension and postretirement plans based on
calculations that incorporate various actuarial and other assumptions including,
discount rates, mortality, assumed rates of return, compensation increases, and
turnover rates. The Company reviews its assumptions on an annual basis and makes
modifications to the assumptions based on current rates when it is appropriate
to do so. The effect of modifications to those assumptions is recorded in
accumulated other comprehensive income beginning from the end of 2006 and
amortized to net periodic cost over future periods using the corridor method.
The Company believes that the assumptions utilized in recording its obligations
under its plans are reasonable based on its experience and market
conditions.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On&#160;December&#160;31,&#160;2006,&#160;the&#160;Company&#160;adopted&#160;the&#160;recognition&#160;and&#160;disclosure&#160;provisions&#160;of&#160;FASB&#160;Statement&#160;No.&#160;158,</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Employers&#8217; Accounting for Defined
Benefit Pension and Other Postretirement Plans</font>, or SFAS No. 158. SFAS No.
158<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>requires
companies to recognize the funded status of defined benefit pension and other
postretirement plans as a net asset or liability and to recognize changes in
that funded status in the year in which the changes occur through other
comprehensive income to the extent those changes are not included in the net
periodic cost. SFAS No. 158 also eliminates the requirement for Additional
Minimum Pension Liability required under SFAS No. 87. This statement does not
change the existing criteria for measurement of periodic benefit costs, plan
assets or benefit obligations.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The funded status
reported on the balance sheet as of December 31, 2006 under SFAS No. 158 was
measured as the difference between the fair value of plan assets and the benefit
obligation on a plan-by-plan basis. The incremental effect of the initial
adoption of SFAS No. 158 at December 31, 2006 was a reduction of accumulated
other comprehensive income of $331 thousand, which was applied as
follows:</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">68</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><a name="page70" /></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Before&#160;application</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">SFAS&#160;No.&#160;158</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">After&#160;application</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">of&#160;SFAS&#160;No.&#160;158</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Adjustments</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">of&#160;SFAS&#160;No.&#160;158</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Refundable&#160;deposits&#160;and&#160;prepaid&#160;pension&#160;costs</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">811</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(242</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">569</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred&#160;income&#160;taxes-noncurrent</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11,307</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">98</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11,405</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;assets</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">518,938</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(144</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">518,794</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued&#160;pension&#160;liabilities</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">192</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">192</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Minority&#160;interest</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,401</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(5</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,396</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accumulated&#160;other&#160;comprehensive&#160;income&#160;(loss),&#160;net&#160;of&#160;tax</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">56</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(331</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(275</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;stockholders&#8217;&#160;equity</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">364,258</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(331</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">363,927</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;stockholders&#8217;&#160;equity&#160;and&#160;liabilities</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">518,938</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(144</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">518,794</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The recognition
provisions of SFAS No. 158 had no effect on the consolidated statements of
income for the periods presented. The adoption of SFAS No. 158 did not impact
the Company's compliance with debt covenants or its cash position.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company has
adopted a defined contribution plan covering full-time employees in the ROC (the
&#8220;Defined Contribution Plan&#8221;) beginning July 1, 2005 pursuant to ROC Labor
Pension Act. Pension cost 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></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(p)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Income&#160;Taxes</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 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></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Beginning with the
adoption of FASB Interpretation No. 48, <font style="DISPLAY: inline; FONT-STYLE: italic">Accounting for Uncertainty in Income
Taxes</font>, or FIN 48, as of January 1, 2007, the Company recognizes the
effect of income tax positions only if those positions are more likely than not
of being sustained. Recognized income tax positions are measured at the largest
amount that is greater than 50% likely of being realized. Changes in recognition
or measurement are reflected in the period in which the change in judgment
occurs. Prior to the adoption of FIN 48, the Company recognized the effect of
income tax positions only if such positions were probable of being sustained. On
January 1, 2007, the Company adopted FIN 48. As a result, management conducted a
comprehensive evaluation of its uncertain tax positions. Management concluded
that it was not necessary for the Company to recognize any adjustments as a
result of the initial adoption of FIN 48. Further, the Company did not recognize
any interest or penalties related to unrecognized tax benefits in
2007.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(q)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Foreign&#160;Currency&#160;Translation</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;reporting&#160;currency&#160;of&#160;the&#160;Company&#160;is&#160;the&#160;United&#160;States&#160;dollar.&#160;&#160;The&#160;functional&#160;currency&#160;for&#160;the&#160;Company&#8217;s&#160;major</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">69</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><a name="page71" /></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">operations is the
United States dollar. Accordingly, the assets and liabilities of subsidiaries
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 income 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&#8217; equity in accumulated other comprehensive income
(loss). Foreign currency denominated monetary assets and liabilities are
remeasured into functional currency 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 income.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#160; (r)&#160;
Earnings&#160;Per&#160;Share</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Basic earnings per
share is computed using the weighted average number of ordinary shares
outstanding during the period. Diluted earnings per share is computed using the
weighted average number of ordinary and diluted ordinary equivalent</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">shares outstanding
during the period.&#160;&#160;Ordinary equivalent shares consist of nonvested
shares and unvested treasury stock</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">issued to employees
that are contingently returnable until lapse of the requisite service period,
ordinary shares that are contingently issuable upon the vesting of unvested
restricted share units (RSUs) granted to employees and independent directors and
contingently issuable ordinary shares upon the achievement of specific
milestones as of December 31, 2007 related to the acquisition of Wisepal
Technologies, Inc.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" colspan="4" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Basic&#160;and&#160;diluted&#160;earnings&#160;per&#160;ordinary&#160;share&#160;have&#160;been&#160;calculated&#160;as&#160;follows:</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font>
      <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="3" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;income&#160;(in&#160;thousands)</font></div>
                          </td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">61,558</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">75,190</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">112,596</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Denominator&#160;for&#160;basic&#160;earnings&#160;per&#160;share:</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted&#160;average&#160;number&#160;of&#160;ordinary&#160;shares</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">outstanding&#160;(in&#160;thousands)</font></div>
                          </td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">176,105</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">192,475</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">196,862</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Basic&#160;earnings&#160;per&#160;share</font></div>
                          </td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.35</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.39</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.57</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Contingently
returnable nonvested shares and unvested treasury stock issued to employees,
contingently issuable ordinary shares underlying the unvested RSUs granted to
employees and independent directors and contingently issuable ordinary shares
related to acquisition are included in the calculation of diluted earnings per
share based on treasury stock method. In 2006, the unvested 590,401 RSUs which
will vest during 2007 and 2008 were excluded from the diluted earnings per share
computation as their effect would be anti-dilutive. In 2007, the unvested
1,272,600 RSUs which will vest during 2008 and 2009 were excluded as their
effect would be anti-dilutive.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">70</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page72" />&#160;</div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font>
      <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;income&#160;&#160;(in&#160;thousands)</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">61,558</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">75,190</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">112,596</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Denominator&#160;for&#160;diluted&#160;earnings&#160;per&#160;share:</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted&#160;average&#160;number&#160;of&#160;ordinary&#160;shares</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">outstanding&#160;(in&#160;thousands)</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">176,105</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">192,475</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">196,862</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Nonvested&#160;ordinary&#160;shares,&#160;RSUs&#160;and</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">contingent&#160;shares&#160;(in&#160;thousands)</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,554</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,615</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">660</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
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                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">180,659</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">195,090</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">197,522</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Diluted&#160;earnings&#160;per&#160;share</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.34</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.39</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.57</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(s)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Share-Based&#160;Compensation</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company has
applied SFAS No.123 (revised 2004), <font style="DISPLAY: inline; FONT-STYLE: italic">Share-Based Payment</font>, 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></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#160;&#160;
(t)&#160;Sale&#160;of&#160;Newly&#160;Issued&#160;Subsidiary&#160;Shares</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">A gain resulting
from the issuance of shares by a subsidiary to a third-party that reduces the
Company&#8217;s percentage ownership (&#8220;dilution gain&#8221;) is recognized as additional
paid in capital in the Company&#8217;s consolidated statements of stockholders&#8217;
equity. For the year ended December 31, 2005, the Company recognized a dilution
gain of $170 thousand and $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
Himax Analogic Inc. (&#8220;Himax Analogic&#8221;, a consolidated subsidiary, formerly known
as Amazion Electronics, Inc,) for cash proceeds of $866 thousand and for
employees&#8217; future service with a fair value of $392 thousand, respectively. For
the year ended December 31, 2006, the Company recognized a dilution gain of $178
thousand, resulting from the issuance to third parties of new shares
(representing a 2.34 % interest) by Himax Display Inc. (&#8220;Himax Display&#8221;, a
consolidated subsidiary) for cash proceeds of $676 thousand. For the year ended
December 31, 2007, the Company recognized a dilution gain of $319 thousand and
$514 thousand, resulting from the issuance to third parties of new shares
(representing a 1.45 % and 6.38 % interest, respectively) by Himax Display and
Himax Analogic for cash proceeds of $1,217 thousand and $2,290 thousand,
respectively.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(u)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Recently&#160;Issued&#160;Accounting&#160;Pronouncements</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In September 2006,
the FASB issued FASB Statement No. 157, Fair Value Measurement, or SFAS No. 157.
SFAS No. 157 defines fair value, establishes a framework for the measurement of
fair value, and enhances disclosures about fair value measurements. The
Statement does not require any new fair value measures. The Statement is
effective for fair value measures already required or permitted by other
standards for fiscal years beginning after November 15, 2007 (January 1, 2008
for the Company) and is to be applied prospectively. Subsequently in February
2008, FASB issued FASB Staff Position (&#8220;FSP&#8221;) FAS 157-1 &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">Application of FASB Statement No.
157 to FASB Statement No. 13 and Other Accounting</font> <font style="DISPLAY: inline; FONT-STYLE: italic">Pronouncements That Address Fair
Value Measurement for Purposes of Lease Classification or Measurement under
Statement 13</font>,&#8221; and FSP FAS 157-2, &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">Effective Date of FASB Statement No.
157</font>.&#8221; FSP FAS 157-1 amends the scope of SFAS No.</font></div><br>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">71</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page73" />&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">157 and other
accounting standards that address fair value measurements for purpose of lease
classification or measurement under Statement 13. The FSP is effective on
initial adoption of Statement 157. FSP FAS 157-2 defers the effective date of
SFAS No. 157 to fiscal years beginning after November 15, 2008 for all
nonfinancial assets and nonfinancial liabilities, except those that are
recognized or disclosed at fair value in the financial statements on a recurring
basis. Management does not expect the initial adoption of SFAS No. 157, FSP FAS
157-1 and FSP FAS 157-2 will have a material impact on the Company&#8217;s
consolidated financial statements.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In September 2006,
the FASB issued SFAS Statement No. 158, <font style="DISPLAY: inline; FONT-STYLE: italic">Employers&#8217; Accounting for Defined
Benefit Pension and</font> <font style="DISPLAY: inline; FONT-STYLE: italic">Other Postretirement Plans-an
Amendment of FASB Statements No. 87, 88, 106, and 132 (R)</font>, or SFAS No.
158. As<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>described
in Note 2 (o), effective December 31, 2006, the Company adopted the recognition
and disclosure provisions of SFAS No. 158. SFAS No. 158 also requires plan
assets and benefit obligations be measured as of the date of its fiscal year-end
statement of financial position with limited exceptions. The measurement
provisions of SFAS No. 158 are effective for fiscal years ending after December
15, 2008, and will not be applied retrospectively. The measurement provisions of
SFAS No. 158 are consistent with the Company&#8217;s current policies and management
does not anticipate that the adoption of the measurement provisions of SFAS No.
158 will have an impact on its consolidated financial statements.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In February 2007,
the FASB issued Statement of Financial Accounting Standards No. 159, <font style="DISPLAY: inline; FONT-STYLE: italic">The Fair Value Option for</font>
<font style="DISPLAY: inline; FONT-STYLE: italic">Financial Assets and Financial
Liabilities - including an amendment of FASB Statement No. 115 or SFAS No.
159</font>. SFAS<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>No. 159 gives the
Company the irrevocable option to carry most financial assets and liabilities at
fair value that are not currently required to be measured at fair value. If the
fair value option is elected, changes in fair value would be recorded in
earnings at each subsequent reporting date. SFAS No. 159 is effective for the
Company&#8217;s 2008 fiscal year. Management has elected not to adopt this
standard.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In December 2007,
the FASB issued FASB Statement No. 141R, <font style="DISPLAY: inline; FONT-STYLE: italic">Business Combinations</font> or SFAS
No. 141R and FASB Statement No. 160, <font style="DISPLAY: inline; FONT-STYLE: italic">Noncontrolling Interests in
Consolidated Financial Statements- an amendment to ARB No. 51</font> or SFAS No.
160. SFAS No. 141R and 160 require most identifiable assets, liabilities,
noncontrolling interests, and goodwill acquired in a business combination to be
recorded at &#8220;full fair value&#8221; and require noncontrolling interests (previously
referred to as minority interests) to be reported as a component of equity,
which changes the accounting for transactions with noncontrolling interest
holders. Both Statements are effective for periods beginning on or after
December 15, 2008, and earlier adoption is prohibited. SFAS No. 141R will be
applied to by the Company to business combinations, if any, that occur after the
effective date. SFAS No. 160 will be applied prospectively to all noncontrolling
interests, including any that arose before the effective date. The initial
adoption of SFAS No. 160 is expected to only result in a reclassification of the
Company&#8217;s noncontrolling interest to shareholders&#8217; equity.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;3.&#160;Acquisition</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On February 1, 2007,
the Company acquired 100 percent of the outstanding ordinary shares of Wisepal
Technologies, Inc. (&#8220;Wisepal&#8221;). The results of Wisepal&#8217;s operations had been
included in the Company&#8217;s consolidated financial statements since that date.
Wisepal is a display driver IC company primarily focuses on small-and
medium-sized applications. As a result of the acquisition, the Company is
expected to diversify its product portfolio with more exposure towards small-and
medium-sized products. It also expects to be further strengthen the Company&#8217;s
competitiveness in the display driver market with the addition of technology
resources.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;aggregate&#160;purchase&#160;price&#160;was&#160;$46,971&#160;thousand,&#160;consisting&#160;of&#160;6,090,114&#160;shares&#160;of&#160;the&#160;Company&#8217;s&#160;ordinary&#160;shares</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">72</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><a name="page74" /></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">amounting to $43,021
thousand; 418,440 units of the Company&#8217;s RSUs amounting to $2,011 thousand in
exchange for Wisepal&#8217;s unvested stock option of which 127,283 units vested
immediately on the acquisition date; other direct acquisition cost of $252
thousand and a contingent consideration of 395,248 shares of the Company&#8217;s
ordinary shares amounting to $1,687 thousand to be issued to the former parent
company of Wisepal at US$0.001 per share based on the purchase agreement. The
value of the Company&#8217;s ordinary shares and the vested portion of the RSUs issued
was determined based on the average market price of the Company&#8217;s ordinary
shares over the 2-day period before and after the terms of the acquisition were
agreed to and announced. The value of the additional contingent ordinary shares
to be issued was determined based on the market price of the Company&#8217;s ordinary
shares as of December 31, 2007.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
following table summarizes the allocation of the purchase price to the estimated
fair values of the assets acquired and liabilities assumed at the date of
acquisition.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">At&#160;February&#160;1,&#160;2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
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                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="88%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,413</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="88%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current&#160;assets,&#160;other&#160;than&#160;cash</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,037</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="88%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Property&#160;and&#160;equipment</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">622</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="88%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Intangible&#160;assets&#160;-&#160;in-process&#160;R&amp;D</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,600</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="88%" style="PADDING-LEFT: 0pt">
                            <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-&#160;others</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">14,300</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="88%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Goodwill</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26,878</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="88%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="88%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;assets&#160;acquired</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">52,850</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="88%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="88%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current&#160;liabilities</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,332</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="88%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred&#160;income&#160;taxes</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(4,547</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="88%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="88%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;liabilities&#160;assumed</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(5,879</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="88%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;assets&#160;acquired</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">46,971</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Acquired tangible
assets were valued at estimates of their current fair values. The valuation of
acquired intangible assets was determined based on management&#8217;s estimates and
consultation with an independent appraiser. Of the $15,900 thousand of the
acquired intangible assets, $1,600 thousand was assigned to in-process R&amp;D
assets that had not yet reached technological feasibility and had no alternative
future use and were written off at the date of acquisition in accordance with
FASB Interpretation No. 4, <font style="DISPLAY: inline; FONT-STYLE: italic">Applicability of FASB Statement No.
2 to Business Combinations Accounted for by the Purchase Method</font>. Those
write-offs are included in research and development expenses in the accompanying
consolidated statements of income. The remaining acquired intangible assets, all
of which will be amortized, have a weighted-average useful life of approximately
7 years. The intangible assets that make up that amount include core and
developed technology of $6,200 thousand (7-year weighted-average useful life)
and customer relationships of $8,100 thousand (7-year weighted-average useful
life). Himax paid a premium for this acquisition because of expected synergistic
benefits, including the assembled workforce, and to broaden the supplier base to
secure foundry capacity and optimize its foundry mix and further diversified its
technology and product mix. Goodwill is not expected to be deductible for tax
purpose.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">73</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><a name="page75" /></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
following unaudited pro forma results of operations for the years end December
31, 2006 and 2007 are presented as though the acquisition occurred at the
beginning of the respective periods (dollars in thousand except per share
amounts):</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="center">
                  </div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">For the years
      end December 31,</font></div>
                            <div style="TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(unaudited)</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="6" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;revenues</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">770,595</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">919,105</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;income</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">75,628</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">112,406</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Diluted&#160;earnings&#160;per&#160;share</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.38</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.57</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;4.&#160;Marketable&#160;Securities</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Following is a
summary of marketable securities as of December 31, 2006 and 2007:
</font></div><br></div>
                  <div align="center">
                  </div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December 31,
      2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="3" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amortized</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross&#160;Unrealized</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross&#160;Unrealized</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Market</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="3" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost</font></div>
                          </td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gains</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Losses</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Value</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Time&#160;deposit&#160;with&#160;original&#160;maturities&#160;more</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">than&#160;three&#160;months</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">522</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">522</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Open-ended&#160;bond&#160;fund</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,277</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">29</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,306</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,799</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">29</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,828</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font>
      <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="3" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amortized</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross&#160;Unrealized</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross&#160;Unrealized</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Market</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="3" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost</font></div>
                          </td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gains</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Losses</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Value</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Time&#160;deposit&#160;with&#160;original&#160;maturities&#160;more</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">than&#160;three&#160;months</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">154</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">154</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Open-ended&#160;bond&#160;fund</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">14,929</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">125</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,054</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,083</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">125</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,208</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
Company&#8217;s portfolio of available for sale marketable securities by contractual
maturity or the expected holding period as of December 31, 2006 and 2007 is due
in one year or less.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Information on sales
of available for sale marketable securities for the years ended December 31,
2005, 2006 and 2007 is summarized below.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Proceeds</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="3" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Period</font></div>
                          </td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">from&#160;sales</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="3" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">realized&#160;gains</font></div>
                          </td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">realized&#160;losses</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="3" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;ended&#160;December&#160;31,&#160;2005</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">42,028</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">105</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;ended&#160;December&#160;31,&#160;2006</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">27,128</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">60</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;ended&#160;December&#160;31,&#160;2007</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">46,303</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">112</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">74</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                  </div><br>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page76" />&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">At
December 31, 2006, the Company had $108 thousand of restricted marketable
securities, consisting of time deposits with an original maturity of more than
three months, which had been pledged as collateral for custom duty.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;5.&#160;
Allowance&#160;for&#160;Doubtful&#160;Accounts,&#160;Sales&#160;Returns&#160;and&#160;Discounts</font><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
activity in the allowance for doubtful accounts, sales returns and discounts for
the years ended December 31, 2005, 2006 and 2007 follows:</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amounts</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Period</font></div>
                          </td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">beginning&#160;of&#160;year</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Addition</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">utilized</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">end&#160;of&#160;year</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="56%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">For&#160;the&#160;year&#160;ended&#160;December&#160;31,&#160;2005</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">240</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">398</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(457</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">181</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="56%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">For&#160;the&#160;year&#160;ended&#160;December&#160;31,&#160;2006</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">181</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,843</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,156</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">868</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="56%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">For&#160;the&#160;year&#160;ended&#160;December&#160;31,&#160;2007</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">868</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,705</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,080</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">493</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;6.&#160;Inventories</font><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As&#160;of&#160;December&#160;31,&#160;2006&#160;and&#160;2007,&#160;inventories&#160;consisted&#160;of&#160;the&#160;following:</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in</font>
      <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">thousands)</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Finished&#160;goods</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">44,194</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">62,195</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Work&#160;in&#160;process</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">40,039</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">47,439</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Raw&#160;materials</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">17,048</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,905</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Supplies</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">54</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Merchandise</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">101,341</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">116,550</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div>&#160;</div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Note&#160;7.&#160;Prepaid&#160;Expenses&#160;and&#160;Other&#160;Current&#160;Assets</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in
      </font>thousands)</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Refundable&#160;business&#160;tax</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,994</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10,461</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Prepaid&#160;software&#160;maintenance&#160;fee</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,789</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,501</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Subsidy&#160;receivables</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">640</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,007</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Prepaid&#160;rental&#160;and&#160;others</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">901</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,400</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">10,324</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,369</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div>&#160;</div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="bottom" width="58%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Note&#160;8.&#160;Intangible&#160;Assets</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="58%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="7" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="58%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" colspan="3" valign="bottom" width="14%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross&#160;carrying</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted&#160;average</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="13%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accumulated</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="58%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">amount</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">amortization&#160;period</font></div>
                          </td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">amortization</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="58%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="58%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Technology</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">139</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="12%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5&#160;years</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">86</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="58%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Patents</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">358</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="12%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5&#160;years</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">18</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="58%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">497</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="12%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">104</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">75</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                  </div><a name="page77" />
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom" width="58%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="7" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,&#160;2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="58%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="2" valign="bottom" width="13%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross&#160;carrying</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="12%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted&#160;average</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="13%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accumulated</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="58%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">amount</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">amortization&#160;period</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">amortization</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="58%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="12%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="58%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Technology</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,339</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7
      </font>years</font></div>
                            </div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">926</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="58%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Customer&#160;relationship</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,100</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7&#160;
      </font>years</font></div>
                            </div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,061</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="58%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Patents</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">358</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5&#160;years</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">89</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="58%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">14,797</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="12%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,076</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Amortization expense
for the years ended December 31, 2005, 2006 and 2007, was $28 thousand, $45
thousand and $1,972 thousand, respectively. Estimated amortization expense for
the next five years is $2,140 thousand in 2008, $2,114 thousand in 2009 and
2010, $2,097 thousand in 2011, and $2,043 thousand in 2012.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Note&#160;9.&#160;Property,&#160;Plant&#160;and&#160;Equipment</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in</font>
      <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">thousands)</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Land</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10,154</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10,154</font></td>
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                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Building&#160;and&#160;improvements</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="#d5eaea">
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                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Machinery</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,744</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,366</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Research&#160;and&#160;development&#160;equipment</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,611</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12,144</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Software</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,149</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7,496</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Office&#160;furniture&#160;and&#160;equipment</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,478</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,575</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Others</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,150</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,970</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">50,253</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">61,118</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accumulated&#160;depreciation&#160;and&#160;amortization</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(12,742</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(15,860</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Prepayment&#160;for&#160;purchases&#160;of&#160;equipment&#160;and&#160;software</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,384</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">922</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">38,895</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">46,180</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Depreciation and
amortization of these assets for 2005, 2006 and 2007, was $3,585 thousand,
$5,176 thousand and $8,288 thousand, respectively.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Note&#160;10.&#160;Investments&#160;in&#160;Non-marketable&#160;Securities</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Following&#160;is&#160;a&#160;summary&#160;of&#160;such&#160;investments&#160;as&#160;of&#160;December&#160;31,&#160;2006&#160;and&#160;2007:</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in
      </font>thousands)</font></div>
                            </div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi&#160;Lin&#160;Technology&#160;Co.&#160;Ltd</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">817</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,057</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jetronics&#160;International&#160;Corp</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,600</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">C&#160;Company</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,481</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">817</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7,138</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In&#160;2006,&#160;the&#160;Company&#160;considered&#160;its&#160;investment&#160;in&#160;equity&#160;of&#160;LightMaster&#160;Systems,&#160;Inc.&#160;to&#160;be&#160;other&#160;than&#160;temporarily&#160;impaired</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">76</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><a name="page78" /></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">due to the
bankruptcy case concerning LightMaster Systems, Inc. filed in July 2006. The
carrying amount of $1,500 thousand was fully written off with an impairment loss
recognized in other non-operating loss in the accompanying consolidated
statements of income.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of December 31,
2007, it was not practicable for the Company to estimate the fair value of its
investment in equity of Chi Lin Technology Co. Ltd. (on January 1, 2007, TopSun
Optronics, Inc. merged with Chi Lin Technology Co. Ltd., Chi Lin Technology Co.
Ltd. was the surviving company), Jetronics International Corp., and C Company.
However, there are no identified events or changes in circumstance that may have
significant adverse effects on the recoverability of the carrying value of these
investments.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Note&#160;11.&#160;Other&#160;Accrued&#160;Expenses&#160;and&#160;Other&#160;Current&#160;Liabilities</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in</font>
      <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">thousands)</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued&#160;payroll&#160;and&#160;related&#160;expenses</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,441</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,099</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued&#160;mask&#160;and&#160;mold&#160;fees</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,282</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,020</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Payable&#160;for&#160;purchases&#160;of&#160;equipment</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,317</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,257</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued&#160;professional&#160;service&#160;fee</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,202</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,179</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued&#160;warranty&#160;costs</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">630</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">335</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued&#160;commission</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,836</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">64</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued&#160;insurance,&#160;welfare&#160;expenses,&#160;etc</font></div>
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                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,498</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,277</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">21,206</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19,231</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div>&#160;</div>
                  <div>
                    <div align="left">
                      <table cellpadding="0" cellspacing="0" width="100%">
                          <tr>
                            <td align="left" colspan="17" valign="bottom" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;movement&#160;in&#160;accrued&#160;warranty&#160;costs&#160;for&#160;the&#160;years&#160;ended&#160;December&#160;31,&#160;2005,&#160;2006&#160;and&#160;2007,&#160;is&#160;as</font>
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                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          </tr>
                          <tr>
                            <td align="left" colspan="17" valign="bottom" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          </tr>
                          <tr>
                            <td valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td colspan="3" valign="bottom" width="11%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" colspan="3" valign="bottom" width="11%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Additions&#160;charged</font></div>
                            </td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td colspan="3" valign="bottom" width="11%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amounts</font></div>
                            </td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td colspan="2" valign="bottom" width="10%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at</font></div>
                            </td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          </tr>
                          <tr>
                            <td align="left" valign="bottom" width="51%" style="BORDER-BOTTOM: black 2px solid">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Period</font></div>
                            </td>
                            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td colspan="4" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">beginning&#160;of&#160;year</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" colspan="3" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">to&#160;expense</font></div>
                            </td>
                            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td colspan="3" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">utilized</font></div>
                            </td>
                            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">end&#160;of&#160;year</font></div>
                            </td>
                            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          </tr>
                          <tr>
                            <td valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" colspan="7" valign="bottom" width="23%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                            </td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          </tr>
                          <tr bgcolor="#d5eaea">
                            <td align="left" valign="bottom" width="51%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;ended&#160;December&#160;31,&#160;2005</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">507</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,415</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,377</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">545</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="left" valign="bottom" width="51%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;ended&#160;December&#160;31,&#160;2006</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">545</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,101</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,016</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">630</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          </tr>
                          <tr bgcolor="#d5eaea">
                            <td align="left" valign="bottom" width="51%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;ended&#160;December&#160;31,&#160;2007</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">630</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">799</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,094</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">335</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="left" valign="bottom" width="51%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="left" valign="bottom" width="51%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Note&#160;12.&#160;Short-term&#160;Debt</font></div>
                            </td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          </tr>
                      </table>
                    </div>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of December 31,
2005, short-term debt consisted of a $13,600 thousand loan, denominated in US
dollars, and which has a maturity date that had been extended to May 2, 2006.
The remaining balance of short-term debt of approximately $13,674 thousand, is
comprised of three separate loans in the amounts of NT$250,000 thousand ($7,596
thousand), NT$40,000 thousand ($1,216 thousand) and NT$160,000 thousand ($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. All short term debts had been fully paid off
during 2006.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As&#160;of&#160;December&#160;31,&#160;2006&#160;and&#160;2007,&#160;unused&#160;credit&#160;lines&#160;amounted&#160;to&#160;$42,557&#160;thousand&#160;and&#160;$57,919&#160;thousand,&#160;respectively.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;13.&#160;Government&#160;Grant</font><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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-</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div><br>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">77</font></div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                    </div>
                  </div><a name="page79" />
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Based Industrial
Park (SBIP) during 2003, 2004, 2005 and 2007 for the development of certain new
leading products or technologies. Details of these contracts are summarized
below:</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="bottom" width="23%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Authority</font></div>
                          </td>
                          <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="23%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;Grant</font></div>
                          </td>
                          <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Execution&#160;Period</font></div>
                          </td>
                          <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Product&#160;Description</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td colspan="7" valign="bottom" width="23%">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="23%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">IDB&#160;of&#160;MOEA</font></div>
                          </td>
                          <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="23%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">NT$&#160;22,700&#160;(US$654)</font></div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">September&#160;2003&#160;to</font></div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Mobile&#160;phone&#160;TFT&#160;driver&#160;IC</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">February&#160;2005</font></div>
                          </td>
                          <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="23%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">SBIP</font></div>
                          </td>
                          <td align="right" valign="bottom" width="2%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                          </td>
                          <td align="right" valign="bottom" width="23%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,800
      </font>(US$112)</font></div>
                            </div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">October&#160;2004&#160;to</font></div>
                          </td>
                          <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">July&#160;&#160;2005</font></div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Application&#160;of&#160;LCOS</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="23%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">DOIT&#160;of&#160;MOEA</font></div>
                          </td>
                          <td align="right" valign="bottom" width="2%">&#160;</td>
                          <td align="right" valign="bottom" width="23%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19,500
      </font>(US$610)</font></div>
                            </div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;2004&#160;to</font></div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Multimedia&#160;high</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">November&#160;2005</font></div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">definition&#160;TV&#160;SOC</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="23%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">DOIT&#160;of&#160;MOEA</font></div>
                          </td>
                          <td align="right" valign="bottom" width="2%">&#160;</td>
                          <td align="right" valign="bottom" width="23%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7,000
      </font>(US$214)</font></div>
                            </div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">September&#160;2005&#160;to</font></div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Mobile&#160;phone&#160;TFT&#160;single</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;2006</font></div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">chip&#160;SOC</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="23%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">DOIT&#160;of&#160;MOEA</font></div>
                          </td>
                          <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="23%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22,670&#160;(US$703)</font></div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">August&#160;2007&#160;to&#160;July&#160;2009</font></div>
                          </td>
                          <td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="24%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;Port&#160;IC</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Government grants
recognized by the Company as a reduction of research and development expense in
the accompanying consolidated statements of income in 2005, 2006 and 2007 were
$381 thousand, $466 thousand and $108 thousand, respectively.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;14.&#160;Retirement&#160;Plan</font><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company has
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&#8217;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></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Defined Benefit Plan
assets consist entirely of a Pension Fund (the &#8220;Fund&#8221;) 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
&#8220;Committee&#8221;) and is deposited in the Committee&#8217;s name in the Bank of Taiwan
(formerly Central Trust of China which was acquired by Bank of Taiwan in
2007).</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As discussed in note
2(o), effective December 31, 2006, the Company adopted the recognition and
disclosure provisions of SFAS No. 158. SFAS No. 158 requires companies to
recognize the funded status of defined benefit pension and other postretirement
plans as a net asset or liability on its balance sheet. Actuarial gains and
losses are generally amortized subject to the corridor, over the average
remaining service life of the Company&#8217;s active employee.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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&#8217;s monthly wages to the employees&#8217; individual pension fund
accounts at the ROC Bureau of Labor Insurance. Expense recognized in 2005, 2006
and 2007, based on the contribution called for was $356 thousand, $883 thousand
and $1,066 thousand, respectively.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Substantially&#160;all&#160;participants&#160;in&#160;the&#160;Defined&#160;Benefits&#160;Plan&#160;had&#160;elected&#160;to&#160;participate&#160;in&#160;the&#160;Defined&#160;Contribution&#160;Plan.&#160;&#160;The</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">78</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><br><a name="page80" /></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">transfer of
participants to the Defined Contribution Plan did not have a material effect on
the Company&#8217;s financial position or results of operations. Participants&#8217;
accumulated benefits under the Defined Benefit Plan are not impacted by their
election to change the plans and their seniority remains regulated by ROC Labor
Standard Law, such as the retirement criteria and the amount payable. The
Company is required to make contribution for the Defined Benefit Plan until it
is fully funded. Pursuant to relevant regulatory requirements, the Company
expects to make a cash contribution of $398 thousand to its pension fund
maintained with the Bank of Taiwan and $1,734 thousand to the employees&#8217;
individual pension fund accounts at the ROC Bureau of Labor Insurance in
2008.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" colspan="6" valign="bottom" width="53%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;Company&#160;uses&#160;a&#160;measurement&#160;date&#160;of&#160;December&#160;31,&#160;for&#160;the&#160;Defined&#160;Benefit&#160;Plan.
      <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;changes&#160;in&#160;projected&#160;benefit
      </font></font>obligation,&#160;plan&#160;assets&#160;and&#160;details&#160;of&#160;the&#160;funded&#160;status&#160;of&#160;the&#160;Plan&#160;are&#160;as&#160;follows:</div>
                            </div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div>&#160;</div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">De<font size="+0" style="FONT-SIZE: 9pt; FONT-FAMILY: arial">cem</font>ber&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(in <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">thousands)</font></font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Change&#160;in&#160;projected&#160;benefit&#160;obligation:</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Benefit&#160;obligation&#160;at&#160;beginning&#160;of&#160;year</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">622</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">885</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Acquisition&#160;from&#160;Wisepal</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">56</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Service&#160;cost</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Interest&#160;cost</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Actuarial&#160;loss</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">232</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">120</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Benefit&#160;obligation&#160;at&#160;end&#160;of&#160;year</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">885</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,090</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Change&#160;in&#160;plan&#160;assets:</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Fair&#160;value&#160;at&#160;beginning&#160;of&#160;year</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">414</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">712</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Acquisition&#160;from&#160;Wisepal</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">46</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Actual&#160;return&#160;on&#160;plan&#160;assets</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Employer&#160;contribution</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">286</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">349</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Fair&#160;value&#160;at&#160;end&#160;of&#160;year</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">712</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,129</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Funded&#160;status</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(173</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">39</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div>&#160;</div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: arial, sans-serif"><font style="FONT-SIZE: 9pt; FONT-FAMILY: arial">December <font size="2" style="FONT-SIZE: 9pt; FONT-FAMILY: arial">31<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">,</font></font></font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="6" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">thousands)</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amounts&#160;recognized&#160;in&#160;the&#160;balance&#160;sheet&#160;consist&#160;of:</font></div>
                          </td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="78%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Prepaid&#160;pension&#160;costs</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">257</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="78%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued&#160;pension&#160;liabilities</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(192</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(218</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;amount&#160;recognized</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(173</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">39</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Amounts recognized
in accumulated other comprehensive income was net actuarial loss of $331
thousand and $351 thousand at December 31, 2006 and 2007,
respectively.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
accumulated benefit obligation for the Defined Benefit Plan was $379 thousand
and $407 thousand at December 31, 2006 and 2007, respectively. As of December
31, 2006 and 2007, no employee was eligible for retirement or was required to
retire.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">79</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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                    </div><a name="page81" /></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">For&#160;the&#160;years&#160;ended&#160;December&#160;31,&#160;2005,&#160;2006&#160;and&#160;2007,&#160;the&#160;net&#160;periodic&#160;pension&#160;cost&#160;consisted&#160;of&#160;the&#160;following:</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="10" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="10" valign="bottom" width="10%">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Service&#160;cost</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">150</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Interest&#160;cost</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">13</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Expected&#160;return&#160;on&#160;plan&#160;assets</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: arial, sans-serif">(6</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: arial, sans-serif">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(18</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(20</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;amortization</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">96</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;periodic&#160;pension&#160;cost</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">163</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">105</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
net actuarial loss for the defined benefit pension plan that will be amortized
from accumulated other comprehensive income into net periodic benefit cost in
2008 is $30 thousand.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                    <div align="left">&#160;</div>
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">At December 31, 2006
and 2007, the weighted-average assumptions used in computing the benefit
obligation are as follows: December 31,</font></div><br></div>
                  <div align="center">
                  </div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;Taiwan,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;Taiwan,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;Display&#160;&amp;</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;Display&#160;&amp;</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Media&#160;Solutions</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Discount&#160;rate</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2.75</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
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                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Rate&#160;of&#160;increase&#160;in&#160;compensation&#160;levels</font></div>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">For
the years ended December 31, 2005, 2006 and 2007, the weighted average
assumptions used in computing net periodic benefit cost are as
follows:</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
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                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
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    </font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
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                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Wisepal&#160;&amp;</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;&amp;</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;&amp;</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;&amp;</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;Media</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Taiwan</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;Analogic</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;Analogic</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax&#160;Analogic</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Solutions</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="45%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Discount&#160;rate</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.50</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.50</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2.75</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
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                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="45%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Rate&#160;of&#160;increase&#160;in</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="45%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">compensation&#160;levels</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="45%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Expected&#160;long-term&#160;rate</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="45%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">of&#160;return&#160;on&#160;pension&#160;assets</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.50</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.50</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2.75</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">80</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><a name="page82" /></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Benefits&#160;payments&#160;to&#160;be&#160;paid&#160;during&#160;the&#160;next&#160;ten&#160;years&#160;are&#160;estimated&#160;as&#160;follows:</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amount</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
                          </td>
                          <td valign="bottom" width="78%">
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2009</font></div>
                          </td>
                          <td valign="bottom" width="78%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2010</font></div>
                          </td>
                          <td valign="bottom" width="78%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2011</font></div>
                          </td>
                          <td valign="bottom" width="78%">
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2012</font></div>
                          </td>
                          <td valign="bottom" width="78%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2013&#160;~&#160;2017</font></div>
                          </td>
                          <td valign="bottom" width="78%">
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">242</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;15.&#160;Share-Based&#160;Compensation</font><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
amount of share-based compensation expenses included in applicable costs of
sales and expense categories is summarized <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">as&#160;follows:</font></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="MARGIN-LEFT: 0pt" align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="3" valign="bottom" width="11%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost&#160;of&#160;revenues</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">188</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">275</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">422</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Research&#160;and&#160;development</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,336</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11,806</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,393</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">General&#160;and&#160;administrative</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">848</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,444</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,182</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales&#160;and&#160;marketing</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,241</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,625</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,324</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,613</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,150</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">20,321</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(a)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Employee&#160;Annual&#160;Bonus&#160;Plan</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In June 2005, Himax
Taiwan discontinued the employee stock bonus program with effect from December
31, 2004. Due to a history of paying bonus based on annual operating results,
the Company&#8217;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, 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&#8217;s shareholders.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Based on a
compensation package analysis with the Company&#8217;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 $4,141 thousand was accrued in 2004 relating to such
bonus plan.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In order to settle
the above mentioned accrued bonus payable, on December 27, 2005, pursuant to the
authorization of the Company&#8217;s shareholders and the delegation of the Company's
board of directors, the Company&#8217;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></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 $8.62 per share.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">81</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><a name="page83" /></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="MARGIN-LEFT: 18pt" align="left">
                    <table cellpadding="0" cellspacing="0" width="90%">
                        <tr>
                          <td align="left" colspan="4" valign="bottom" width="75%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;allocation&#160;of&#160;compensation&#160;expenses&#160;from&#160;the&#160;annual&#160;bonus&#160;plan&#160;is&#160;summarized&#160;as&#160;follows:</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="10" valign="bottom" width="34%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="10" valign="bottom" width="34%">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost&#160;of&#160;revenues</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">98</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Research&#160;and&#160;development</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,215</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">General&#160;and&#160;administrative</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">454</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales&#160;and&#160;marketing</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">628</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,395</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(b)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Long-term&#160;Incentive&#160;Plan</font></div>
                          </td>
                        </tr>
                    </table>
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                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On October 25, 2005,
the Company&#8217;s shareholders approved a long-term incentive plan. The plan permits
the grants of options or RSUs to the Company&#8217;s employees, directors and service
providers where each unit of RSU represents one ordinary share of the
Company.</font></div>
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2005, the Company&#8217;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></div>
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2006, the Company&#8217;s compensation committee made grants of 3,798,808 RSUs to its
employees. The vesting schedule for the RSUs is as follows: 47.29% of the RSUs
grant vested immediately on the grant date and a subsequent 17.57% will vest on
each of September 30, 2007, 2008 and 2009, subject to certain forfeiture
events.</font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On September 26,
2007, the Company&#8217;s compensation committee made grants of 6,694,411 RSUs to its
employees. The vesting schedule for the RSUs is as follows: 54.55% of the RSUs
grant vested immediately on the grant date which were settled by cash amounting
to $14,426 thousand, a subsequent 15.15% will vest on each of September 30,
2008, 2009 and 2010 which will be settled by the Company&#8217;s ordinary shares,
subject to certain forfeiture events.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The amount of
compensation expense from the long-term incentive plan was determined based on
the estimated fair value and the market price of the ordinary shares underlying
the RSUs granted on the date of grant, which was $8.62 per share, $5.71 per
share and $3.95 per share on December 30, 2005, September 29, 2006 and September
26, 2007, respectively.</font></div>
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primarily responsible for estimating the fair value of the Company&#8217;s ordinary
shares underlying the RSUs granted on December 30, 2005. When estimating fair
value for such share prior to the Company's IPO, 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's financial results
and business plan. These assumptions include: no</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">82</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><a name="page84" /></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">material changes in
the existing political, legal, fiscal and economic conditions in Taiwan; the
Company&#8217;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></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In December 2007,
due to the carve-out of television semiconductor solutions business to
incorporate Himax Media Solutions, Inc. (&#8220;Himax Media Solution&#8221;, a consolidated
subsidiary), 145 employees were transferred from Himax Taiwan to Himax Media
solutions. 361,046 units of these employees&#8217; unvested RSUs were cancelled in
exchange for 3,416,714 nonvested shares of Himax Media Solutions&#8217; ordinary
share. See Note 15 (c) (iv) for further details of the modification of
award.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">RSUs&#160;activity&#160;under&#160;the&#160;long-term&#160;incentive&#160;plan&#160;during&#160;the&#160;periods&#160;indicated&#160;is&#160;as&#160;follows:</font></div>
                  </div>
                  <div>&#160;</div>
                  <div style="MARGIN-LEFT: 18pt" align="left">
                    <table cellpadding="0" cellspacing="0" width="90%">
                        <tr>
                          <td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Number&#160;of</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Underlying</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="2" valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Average&#160;Grant</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Shares&#160;for&#160;RSUs</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Date&#160;Fair&#160;Value</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;January&#160;1,&#160;2005</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Granted</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,317,564</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8.62</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Vested</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(329,395</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8.62</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2005</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">988,169</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8.62</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Granted</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,798,808</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5.71</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Vested</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,106,669</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6.14</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Forfeited</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(172,165</font></td>
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                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7.19</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2006</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,508,143</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6.39</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Granted</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,694,411</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.95</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Vested</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(4,507,170</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.46</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cancelled</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(361,046</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.98</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Forfeited</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(680,949</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5.27</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2007</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,653,389</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.75</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
of December 31, 2007, the total compensation cost related to the unvested RSUs
not yet recognized was $14,965 thousand. The weighted-average period over which
it is expected to be recognized is 2.34 years.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
allocation of compensation expenses from the RSUs granted to employees and
independent directors under the long- term incentive plan is summarized as
follows:</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="MARGIN-LEFT: 18pt" align="left">
                    <table cellpadding="0" cellspacing="0" width="90%">
                        <tr>
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="10" valign="bottom" width="34%">
                            <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost&#160;of&#160;revenues</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">62</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">264</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">422</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Research&#160;and&#160;development</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,080</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11,263</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,164</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="64%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">General&#160;and&#160;administrative</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">262</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,392</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,182</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales&#160;and&#160;marketing</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">436</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,554</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,323</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,840</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">14,473</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">20,091</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 18pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(c)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Nonvested&#160;Shares&#160;Issued&#160;to&#160;Employees</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">
                        <tr valign="top">
                          <td align="right" style="WIDTH: 27pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(i)&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In&#160;June&#160;2001,&#160;November&#160;2001&#160;and&#160;January&#160;2002,&#160;Himax&#160;Taiwan&#160;granted&#160;nonvested&#160;shares&#160;of&#160;common&#160;stock&#160;to&#160;certain</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">83</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
                      </div>
                    </div><br><a name="page85" /></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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$1.00 (US$0.03) per
share.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 $92
thousand and $70 thousand in 2005 and 2006, respectively. Such compensation
expense was recorded as research and development expenses in the accompanying
consolidated statements of income 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$4.02
(US$0.116) per share.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="MARGIN-LEFT: 27pt" align="left">
                    <table cellpadding="0" cellspacing="0" width="90%">
                        <tr>
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Nonvested&#160;share&#160;activity&#160;during&#160;the&#160;periods&#160;indicated&#160;is&#160;as&#160;follows:</font></div>
                          </td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Number&#160;of</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Average&#160;Grant</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Shares</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Date&#160;Fair&#160;Value</font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;January&#160;1,&#160;2005</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,195,885</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.116</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Forfeited</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,487</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.116</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2005</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,193,398</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.116</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                        </tr>
                        <tr bgcolor="white">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Vested</font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(3,193,398</font></td>
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                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.116</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <tr bgcolor="#d5eaea">
                          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2006</font></div>
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                          <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
forfeiture of nonvested shares 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></div>
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of December 31, 2006, the total compensation cost related to the actual number
of nonvested shares that vest has been fully recognized.</font></div>
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2005, Himax Analogic 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 Himax Analogic before completing the four year
service period, they must sell these shares back to Himax Analogic at NT$1.00
(US$0.03) per share. The Company recognized compensation expenses of $33
thousand, $59 thousand, and $59 thousand in 2005, 2006, and 2007, respectively.
Such compensation expense was recorded as research and development expenses in
the accompanying consolidated statements of income 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$10 (US$0.319) per
share.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">84</font></div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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                    <div>&#160;</div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">Nonvested share activity of this award
during the period indicated is as follows:</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font></font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="MARGIN-LEFT: 27pt" align="left">
                        <table cellpadding="0" cellspacing="0" width="90%">
                            <tr>
                              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Number&#160;of</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="3" nowrap valign="bottom" width="10%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted
      </font></div>
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Average&#160;Grant</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Shares</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="3" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Date&#160;Fair&#160;Value</font></div>
                              </td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;January&#160;1,&#160;2005</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Granted</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,250,000</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.319</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Forfeited</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(445,000</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.319</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2005</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">805,000</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.319</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Forfeited</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(36,000</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.319</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2006</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">769,000</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.319</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Forfeited</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(66,000</font></td>
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                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.319</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2007</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">703,000</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.319</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">As of December 31, 2007, the total
compensation cost related to this award not yet</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt">recognized was</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt">$70 thousand.</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt">The weighted-average period over which
it is expected to be recognized is 1.54 years.</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font></font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(iii) In September
2007, Himax Imaging Inc. (&#8220;Himax Imaging&#8221;, a consolidated subsidiary) granted
nonvested shares of its common stock to certain employees for their future
service, and the employees must pay $0.15 per share. The shares will vest four
years after the grant date. If employees leave Himax Imaging before completing
the four year service period, they must sell these shares back to Himax Imaging
at $0.15 per share. The Company recognized compensation expenses of $56 thousand
in 2007. Such compensation expense was recorded as research and development
expenses in the accompanying consolidated statements of income 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, which was US$0.33 per
share.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">Nonvested share activity of this award
during the period indicated is as follows:</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font></font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <div style="MARGIN-LEFT: 27pt" align="left">
                          <table cellpadding="0" cellspacing="0" width="90%">
                              <tr>
                                <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="3" nowrap valign="bottom" width="10%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" colspan="2" nowrap valign="bottom" width="9%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Number&#160;of</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="3" nowrap valign="bottom" width="10%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Average&#160;Grant</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Shares</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="3" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Date&#160;Fair&#160;Value</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;January&#160;1,&#160;2007</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Granted</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,559,000</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.33</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2007</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,559,000</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.33</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
of December 31, 2007, the total compensation cost related to this award not yet
recognized was $967 thousand. The weighted-average period over which it is
expected to be recognized is 3.84 years.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(iv) As stated in
Note 15 (b) above, in December 2007, Himax Media Solutions granted 3,416,714
nonvested shares of its ordinary share to 145 employees transferred from Himax
Taiwan to exchange for 361,046 units of these employees&#8217; unvested RSUs. The
modification of equity award incurred an incremental compensation cost of $148
thousand for the excess of the fair value of the modified award issued over the
fair value of the original unvested RSUs at the date of modification. The
Company then added incremental compensation cost to the remaining unrecognized
compensation cost of the original award at the date of modification and the
total compensation cost are recognized as compensation expenses ratably over the
requisite service period of the modified award.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="page87"><br></a><a name="page85" /></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">85</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The fair value of
the original unvested RSUs was determined based on the average market price of
the Company&#8217;s ordinary shares underlying the RSU at the modification dates
occurred during the period from November 12, 2007 to November 16, 2007. The fair
value of Himax Media Solutions' nonvested shares at the modification date was
determined based on the then most recent price of Himax Media Solutions&#8217; new
shares issued to unrelated third parties, which was NT$15 (US$0.464) per
share.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The vesting schedule
for the nonvested shares is as follows: 50% will vest on June 20, 2009 and the
remaining 50% will vest on December 20, 2010. The Company recognized
compensation expenses of $14 thousand in 2007. Such compensation expense was
recorded as sales and marketing expense and research and development expenses in
the accompanying consolidated statements of income.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Nonvested&#160;share&#160;activity&#160;of&#160;this&#160;award&#160;during&#160;the&#160;period&#160;indicated&#160;is&#160;as&#160;follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <div style="MARGIN-LEFT: 27pt" align="left">
                          <table cellpadding="0" cellspacing="0" width="90%">
                              <tr>
                                <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Number&#160;of</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted
      </font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Average&#160;Grant</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Shares</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Date&#160;Fair&#160;Value</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;January&#160;1,&#160;2007</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Granted</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,416,714</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.464</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Forfeited</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(18,000</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.464</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2007</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,398,714</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.464</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
of December 31, 2007, the total compensation cost related to this award not yet
recognized was $1,313 thousand. The weighted-average period over which it is
expected to be recognized is 2.97 years.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(d)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Treasury&#160;Stock&#160;Issued&#160;to&#160;Employees</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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$15.32 (US$0.459)
to NT$19.93 (US$0.577) and NT$20.17 (US$0.583) to NT$52.10 (US$1.538),
respectively.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                        <table cellpadding="0" cellspacing="0" width="90%">
                            <tr>
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Treasury&#160;stock&#160;activity&#160;during&#160;the&#160;periods&#160;indicated&#160;is&#160;as&#160;follows:</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted&#160;Average&#160;of</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Excess&#160;of&#160;Grant&#160;Date</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="3" nowrap valign="bottom" width="10%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Number&#160;of</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Fair&#160;Value&#160;over</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="3" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Shares</font></div>
                              </td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Employee&#160;Payment</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;January&#160;1,&#160;2005</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7,185,668</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.597</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Vested</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,706,593</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.356</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2005</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,479,075</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.743</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Vested</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(4,479,075</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.743</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2006</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">86</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;allocation&#160;of&#160;compensation&#160;expenses&#160;from&#160;the&#160;treasury&#160;stock&#160;issued&#160;to&#160;employees&#160;is&#160;summarized&#160;as&#160;follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="MARGIN-LEFT: 27pt" align="left">
                        <table cellpadding="0" cellspacing="0" width="90%">
                            <tr>
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="10" nowrap valign="bottom" width="31%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="3" nowrap valign="bottom" width="10%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost&#160;of&#160;revenues</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">28</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Research&#160;and&#160;development</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">916</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">414</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">General&#160;and&#160;administrative</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">132</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">52</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales&#160;and&#160;marketing</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">177</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">71</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,253</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">548</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(e)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">RSUs&#160;issued&#160;in&#160;connection&#160;with&#160;the&#160;acquisition&#160;of&#160;Wisepal</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As stated in Note 3,
on February 1, 2007, the Company granted 418,440 units of RSUs in exchange for
Wisepal&#8217;s unvested stock option where each unit of RSU represents one ordinary
share of the Company. 127,283 RSUs grant vested immediately on the acquisition
date and a subsequent 10%, 33% and 27% of the RSU grant will vest on each of
September 30, 2007, 2008 and 2009, respectively, subject to certain forfeiture
events. Vested portion of the RSUs grant was included in the purchase cost of
Wisepal while the unvested portion is treated as post-combination compensation
expense. The value of the unvested portion of the RSUs grant amounted to $945
thousand which was determined based on the market price of the Company&#8217;s
ordinary shares on the acquisition date. Such post-combination compensation
expense is amortized to compensation expense on a straight-line basis over the
requisite service period. The Company recognized compensation expenses of $94
thousand in 2007 which was recorded as research and development expenses in the
accompanying consolidated statements of income.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <div style="MARGIN-LEFT: 27pt" align="left">
                          <table cellpadding="0" cellspacing="0" width="90%">
                              <tr>
                                <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Number&#160;of</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Underlying</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Average&#160;Grant</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Shares&#160;for&#160;RSUs</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Date&#160;Fair&#160;Value</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;January&#160;1,&#160;2007</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Granted</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">418,440</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7.064</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Vested</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(165,114</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7.064</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Forfeited</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(200,760</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7.064</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="78%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 4px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2007</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">52,566</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7.064</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
of December 31, 2007, the total compensation cost related to this award not yet
recognized was $180 thousand. The weighted-average period over which it is
expected to be recognized is 1.75 years.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">
                          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                              <tr valign="top">
                                <td align="right" style="WIDTH: 18pt">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(f)&#160;</font></div>
                                </td>
                                <td align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Employee&#160;stock&#160;options</font></div>
                                </td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On December 20,
2007, board of directors of Himax Media Solutions approved a plan to grant stock
options to certain employees. The plan authorizes grants to purchase up to
6,800,000 shares of Himax Media Solutions&#8217; authorized but unissued ordinary
shares. The exercise price is NT$15 (US$0.464). All options under the plan have
four-year terms and 50%, 25% and 25% of each grant will become exercisable
subsequent to the second, third and fourth anniversary of the grant date,
respectively. The Company recognized compensation expenses of $7 thousand in
2007. Such compensation expense was recorded as sales and marketing expense and
research and development expenses in the accompanying consolidated statements of
income.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="page89"><br></a><a name="page85" /></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">87</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">At
December 31, 2007, there were 304,500 additional shares available for Himax
Media Solutions&#8217; grant under the plan. The calculated value of each option award
is estimated on the date of grant using the Black-Scholes option-pricing model
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">that&#160;used&#160;the&#160;weighted&#160;average&#160;assumptions&#160;in&#160;the&#160;following&#160;table.&#160;&#160;Himax&#160;Media&#160;Solutions&#160;uses&#160;the&#160;simplified&#160;method&#160;to
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">estimate the
expected term of the options as it does not have any historical share option
exercise experience and the exercise data relating to employees of other
companies is not easily obtainable. Since Himax Media Solutions&#8217; shares are not
publicly traded and its shares are rarely traded privately, expected volatility
is computed based on the average historical volatility of similar entities with
publicly traded shares.<font style="DISPLAY: inline; FONT-FAMILY: Arial">&#160;</font>The risk-free rate for
the expected term of the option is based on the interest rate of 10 years ROC
central government bond at the time of grant.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="MARGIN-LEFT: 27pt" align="left">
                        <table cellpadding="0" cellspacing="0" width="90%">
                            <tr>
                              <td align="left" valign="bottom" width="89%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Valuation&#160;assumptions:</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="3" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="89%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Expected&#160;dividend&#160;yield</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0</font></td>
                              <td align="left" nowrap valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="89%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Expected&#160;volatility</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">39.94</font></td>
                              <td align="left" nowrap valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="89%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Expected&#160;term&#160;(years)</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.375</font></td>
                              <td align="left" nowrap valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="89%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Risk-free&#160;interest&#160;rate</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2.4776</font></td>
                              <td align="left" nowrap valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Stock&#160;option&#160;activity&#160;during&#160;the&#160;periods&#160;indicated&#160;is&#160;as&#160;follows:</font></div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="MARGIN-LEFT: 27pt" align="left">
                        <table cellpadding="0" cellspacing="0" width="90%">
                            <tr>
                              <td valign="bottom" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="3" nowrap valign="bottom" width="10%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted&#160;average</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Number&#160;of</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="3" nowrap valign="bottom" width="10%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">average</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">remaining</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">shares</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="3" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">exercise&#160;price</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">contractual&#160;term</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;20,&#160;2007</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Granted</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,495,500</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.464</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.375</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 4px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Forfeited</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(5,000</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.464</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.375</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 4px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2007</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,490,500</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.464</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.375</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
weighted average grant date calculated value of the options granted in 2007 was
NT$3.09 (US$0.096). No option was exercisable as of December 31,
2007.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;16.&#160;Stockholders&#8217;&#160;Equity</font><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(a)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Share&#160;capital</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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$0.0001 per share, and 180,769,265 ordinary shares issued and outstanding.
There was no change in the amount of total stockholders&#8217; equity as a result of
this transaction.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In accordance with
the Company&#8217;s board of director&#8217;s resolution on November 2, 2006, the Company
repurchased 7,885,835 ADSs and 2,161,636 ADSs in 2006 and 2007, respectively
from open market. On February 1, 2007, the Company announced the completion of
its share buyback program. In total, the Company has repurchased $50 million or
10,047,471 ADSs in the open market at an average price of US$4.98 per
ADS.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In accordance with
the Company&#8217;s board of director&#8217;s resolution on November 1, 2007, the Company
authorized another new share buyback program. The program allows the Company to
repurchase up to $40 million of the Company&#8217;s ADSs for retirement. The Company
repurchased 6,569,108 ADSs in 2007.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">88</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(b)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Earnings&#160;distribution</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As a holding
company, the major asset of the Company is the 100% ownership interest in Himax
Taiwan. Dividends received from the Company&#8217;s subsidiaries in Taiwan, if any,
will be subjected to withholding tax under ROC law. The ability of the Company&#8217;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's
subsidiaries, as well as statutory and other legal restrictions. The Company&#8217;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' 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></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
legal and special reserve provided by Himax Taiwan as of December 31, 2006 and
2007 amounting to $14,178 thousand and $21,001 thousand,
respectively.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;17.&#160;Income&#160;Taxes</font><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Substantially all of
the Company&#8217;s pre-tax income is derived from the operations in the ROC and
substantially all of the Company&#8217;s income tax expense (benefit) is incurred in
the ROC.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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. The 10% surtax is recorded 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. Prior to
2006, the tax effects of temporary differences were initially measured by using
the undistributed tax rate of 32.5%. Commencing from 2006, due to the enacted
changes in ROC Income Tax Acts in May 2006 that revised the tax base of the
undistributed income surtax from &#8220;assessed taxable income, net of current tax&#8221;
to &#8220;net income under ROC generally accepted accounting principles (ROC GAAP) &#8221;,
the tax effects of temporary differences between ROC GAAP and tax base are
initially measured at the distributed tax rate of 25% and the tax effects of
temporary differences between US GAAP and ROC GAAP are initially measured at the
revised undistributed tax rate of 31.8%.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In accordance with
the ROC Statute for Upgrading Industries, the Company&#8217;s capital increase in 2003
and 2004 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. The tax exemption period of
the Company&#8217;s effective tax incentive as of December 31, 2007 are as
follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="70%">
                            <tr>
                              <td align="left" valign="bottom" width="23%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Date&#160;of&#160;capital&#160;increase</font></div>
                              </td>
                              <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="24%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tax&#160;exemption&#160;period</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td align="left" valign="bottom" width="23%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">September&#160;1,&#160;2003</font></div>
                              </td>
                              <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="24%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">April&#160;1,&#160;2004
      ~ March&#160;31,&#160;2009</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td align="left" valign="bottom" width="23%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">October&#160;29,&#160;2003</font></div>
                              </td>
                              <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="24%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">January&#160;1, </font>2006 <font style="DISPLAY: inline; FONT-SIZE: 9pt">~
      December&#160;31,&#160;2010</font></font></div>
                              </td>
                            </tr>
                            <tr>
                              <td align="left" valign="bottom" width="23%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">September&#160;20,&#160;2004</font></div>
                              </td>
                              <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="24%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">January&#160;1, </font>2008 <font style="DISPLAY: inline; FONT-SIZE: 9pt">~
      December&#160;31,&#160;2012</font></font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
aggregate basic and diluted earnings per share effect of such income tax
exemption for the years ended December 31, 2005, 2006 and 2007, is a $0.05,
$0.08 and $0.14, increase to earnings per share, respectively.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="page91"><br></a><a name="page85" /></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">89</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;components&#160;of&#160;income&#160;tax&#160;expense&#160;(benefit)&#160;are&#160;summarized&#160;as&#160;follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td colspan="11" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td colspan="11" nowrap valign="bottom">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current&#160;income&#160;tax&#160;expense</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12,294</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,492</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12,770</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred&#160;income&#160;tax&#160;benefit</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(3,371</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(8,938</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(14,630</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,923</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(5,446</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,860</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The differences
between expected income tax expense, computed based on the statutory
undistributed income tax rate of 32.5%, 31.8% and 31.8% for 2005, 2006 and 2007,
respectively, and the actual income tax expense (benefit) as reported in the
accompanying consolidated statements of income for the years ended December 31,
2005, 2006 and 2007 are summarized as follows:</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                        <div align="left">
                          <table cellpadding="0" cellspacing="0" width="100%">
                              <tr>
                                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="10" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                                <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
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                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
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                                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Expected&#160;income&#160;tax&#160;expense</font></div>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22,834</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22,103</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">34,851</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tax-exempted&#160;income</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(9,189</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(16,012</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(27,018</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Effect&#160;of&#160;difference&#160;between&#160;tax&#160;base&#160;of&#160;undistributed</font></div>
                                </td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%" style="PADDING-LEFT: 0pt">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;&#160;income&#160;surtax&#160;with&#160;pre-tax&#160;income</font></div>
                                </td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,562</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,012</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Adjustment&#160;for&#160;enacted&#160;change&#160;in&#160;tax&#160;laws</font></div>
                                </td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,099</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Impairment&#160;loss&#160;on&#160;investment&#160;in&#160;non-marketable&#160;securities</font></div>
                                </td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">477</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Nontaxable&#160;gains&#160;on&#160;sale&#160;of&#160;marketable&#160;securities</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(38</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(67</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(168</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Increase&#160;of&#160;investment&#160;tax&#160;credits</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(10,647</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(15,216</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(20,048</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Increase&#160;in&#160;valuation&#160;allowance</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,421</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,798</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,366</font></td>
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                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Non&#160;deductible&#160;share-based&#160;compensation&#160;expenses</font></div>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">330</font></td>
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                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Provision&#160;for&#160;uncertain&#160;tax&#160;position&#160;in&#160;connection&#160;with</font></div>
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                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">share-based&#160;compensation&#160;expenses</font></div>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">124</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">526</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">276</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tax&#160;benefit&#160;resulting&#160;from&#160;distribution&#160;of&#160;prior&#160;year&#8217;s&#160;income</font></div>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(789</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(689</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Foreign&#160;tax&#160;rate&#160;differential</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">83</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,796</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,690</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Variance&#160;from&#160;audits&#160;of&#160;prior&#160;years&#8217;&#160;income&#160;tax&#160;filings</font></div>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(15</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(873</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,000</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Others</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">551</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(260</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(82</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 4px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Actual&#160;income&#160;tax&#160;expense&#160;(benefit)</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,923</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(5,446</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,860</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              </tr>
                          </table>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The adjustment for
enacted change in tax laws includes adjustment to deferred tax assets and
liabilities and the undistributed income surtax of 2005 related to this change
amounting to $686 thousand and $413 thousand, respectively. The enacted changes
in ROC Income Tax Acts in May 2006 affects the determination of the
undistributed income surtax commencing from 2005 and related deferred income tax
assets and liabilities existed as of the enactment date. The Company recognized
the impact of the change in 2006, the year of enactment of the tax
law.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
amount of total income tax expense (benefit) allocated to continuing operations
and the amounts separately allocated to other items are summarized as
follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">90</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                        <div align="left">
                          <table cellpadding="0" cellspacing="0" width="100%">
                              <tr>
                                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" colspan="10" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="4" nowrap valign="bottom">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                                </td>
                                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Continuing&#160;operations</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,923</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(5,446</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,860</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Charged&#160;directly&#160;to&#160;equity</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(98</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other&#160;comprehensive&#160;income&#160;(loss)</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">16</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 4px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;income&#160;tax&#160;expense&#160;(benefit)</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,926</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(5,541</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,844</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">As of December 31, 2006 and 2007, the
components of deferred income tax assets (liabilities) were as</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font>follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" colspan="6" nowrap valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
                                <div style="TEXT-ALIGN: center">&#160;</div>
                              </td>
                              <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="6" nowrap valign="bottom" width="20%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in
      thousands)</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred&#160;tax&#160;assets:</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Inventory</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,497</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,430</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Capitalized&#160;expense&#160;for&#160;tax&#160;purpose</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">85</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">204</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued&#160;compensated&#160;absences</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">88</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">121</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Allowance&#160;for&#160;sales&#160;return,&#160;discounts&#160;and&#160;warranty</font></div>
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                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">328</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">207</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Unused&#160;investment&#160;tax&#160;credits</font></div>
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                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19,420</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">32,689</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Unused&#160;loss&#160;carry-forward</font></div>
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                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,094</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,970</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued&#160;pension&#160;cost</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">98</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">13</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">203</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;gross&#160;deferred&#160;tax&#160;assets</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">24,623</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">45,924</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Less:&#160;valuation&#160;allowance</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(6,278</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(12,300</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;deferred&#160;tax&#160;assets</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">18,345</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">33,624</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred&#160;tax&#160;liabilities:</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Unrealized&#160;foreign&#160;exchange&#160;gain</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">125</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">41</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Foreign&#160;currency&#160;translation&#160;adjustments</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Prepaid&#160;pension&#160;cost</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">65</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">169</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Acquired&#160;intangible&#160;assets</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,547</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred&#160;revenue</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">16</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;gross&#160;deferred&#160;tax&#160;liabilities</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">196</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,773</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;deferred&#160;tax&#160;assets</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">18,149</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">28,851</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The valuation
allowance for deferred tax assets as of January 1, 2005, 2006 and 2007 was $893
thousand, $3,314 thousand and $6,278 thousand, respectively. The net change in
the valuation allowance for the years ended December 31, 2005, 2006 and 2007,
was an increase of $2,421 thousand, $2,964 thousand and $6,022 thousand,
respectively. The change in 2006 and 2007 includes an increase of valuation
allowance of $166 thousand and $656 thousand, respectively, which was provided
for the deferred tax assets attributable to the acquisition of Integrated
Microdisplays Limited in October 2006 and Wisepal in February 2007.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">91</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">carryforwards
utilizable. Management considers the scheduled reversal of deferred tax
liabilities, projected future taxable income, and tax planning strategies in
making this assessment. In order to fully realize the deferred tax assets, the
Company will need to generate future taxable income of approximately $110,534
thousand prior to the expiration of the net operating loss carryforwards and
investment tax credit carryforwards in 2011. Taxable income for the years ended
December 31, 2006 and 2007 was $10,199 thousand and $25,043 thousand,
respectively. Based upon the level of historical taxable income and projections
for future taxable income over the periods in which the deferred tax assets are
deductible, management believes it is more likely than not that the Company will
realize the benefits of the remaining deferred tax assets at December 31, 2007.
The amount of the deferred tax asset considered realizable, however, could be
reduced in the near term if estimates of future taxable income during the
carryforward period are reduced.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
of December 31, 2006 and 2007, subsequent recognized tax benefits relating to
the valuation allowance for deferred tax assets will be allocated as
follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" colspan="6" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="6" nowrap valign="bottom">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in
      thousands)</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td align="left" valign="bottom">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income&#160;tax&#160;benefit&#160;that&#160;would&#160;be&#160;reported</font></div>
                              </td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">in&#160;the&#160;consolidated&#160;statement&#160;of&#160;income</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,112</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11,478</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Goodwill&#160;and&#160;other&#160;noncurrent&#160;intangible&#160;assets</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">166</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">822</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,278</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12,300</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Except for Himax
Taiwan and Himax Anyang (Korea), all other subsidiaries of the Company have
generated tax losses since inception and are not included in the consolidated
tax filing with Himax Taiwan, a valuation allowance of $6,278 thousand and
$12,300 thousand as of December 31, 2006 and 2007, 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, 2007 was $27,555 thousand,
which will expire if unused by 2012. The remaining investment tax credit for
these subsidiaries at December 31, 2007 was $5,843 thousand, which will expire
if unused by 2011.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
of December 31, 2007, all of the Company&#8217;s remaining investment tax credits of
NT$1,060,100 thousand (US$32,689 thousand), which will expire if unused by
2011.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Himax&#160;Taiwan's&#160;income&#160;tax&#160;returns&#160;have&#160;been&#160;examined&#160;and&#160;assessed&#160;by&#160;the&#160;ROC&#160;tax&#160;authorities&#160;through&#160;2005.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company had
accrued tax liabilities or reduced deferred tax asset to address potential
exposures involving positions that could be challenged by taxing authorities. As
of January 1, 2007, the amount of uncertain tax positions was $1,276 thousand.
As of December 31, 2007, the amount of uncertain tax positions $3,968
thousand.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">92</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">A&#160;reconciliation&#160;of&#160;the&#160;beginning&#160;and&#160;ending&#160;amount&#160;of&#160;uncertain&#160;tax&#160;positions&#160;is&#160;as&#160;follows&#160;(in&#160;thousands):</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="MARGIN-LEFT: 9pt" align="center">
                        <table cellpadding="0" cellspacing="0" width="95%">
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="89%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;January&#160;1,&#160;2007</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,276</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="89%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Increase&#160;related&#160;to&#160;prior&#160;year&#160;tax&#160;positions</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">503</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="89%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Increase&#160;related&#160;to&#160;current&#160;year&#160;tax&#160;positions</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,189</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="89%" style="PADDING-BOTTOM: 4px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance&#160;at&#160;December&#160;31,&#160;2007</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,968</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Included in the
balance of total unrecognized tax benefits at December 31, 2007, are potential
benefits of $3,968 thousand that if recognized, would reduce the Company&#8217;s
effective tax rate. The Company&#8217;s major taxing jurisdiction is Taiwan. The tax
years 2006 and 2007 remain open to examination by Taiwan tax jurisdictions. It
is possible that the examination will result in a positive or negative
adjustment to the Company&#8217;s unrecognized tax positions within the next 12
months. The Company is unable to estimate the range of the benefit or detriment
as of December 31, 2007.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As part of the
analysis completed, management determined that there were various FIN No. 48
implications to the compensation expenses for RSU and investment tax credits
that resulted in the establishment of an accrued liability pursuant to FIN No.
48 of $885 thousand on compensation expenses and a reduction of deferred tax
assets of $3,083 thousand on certain investment tax credit
carryforwards.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;18.&#160;Derivative&#160;Financial&#160;Instruments</font><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company operates
in Taiwan and internationally, giving rise to exposure to changes in foreign
currency exchanges rates. The Company enters into foreign currency forward
contracts to reduce such exposure. None of the Company&#8217;s derivatives qualify for
hedge accounting pursuant to SFAS No. 133, <font style="DISPLAY: inline; FONT-STYLE: italic">Accounting for Derivative
Instruments and Hedging Activities</font>. 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 income.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company did not
hold any derivative financial instruments as of December 31, 2006 and 2007,
respectively. The realized gains (losses) resulting from foreign currency
forward contracts were $108 thousand and ($611) thousand in 2005 and 2006,
respectively.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;19.&#160;Fair&#160;Value&#160;of&#160;Financial&#160;Instruments</font><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The fair values of
cash, cash equivalents, accounts receivable, 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. The 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.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;20.&#160;Significant&#160;Concentrations</font><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Financial
instruments that currently subject the Company to concentrations of credit risk
consist primarily of cash, cash equivalents, marketable securities and accounts
receivable. 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's cash and cash equivalents.
Marketable securities consist of time deposits with original maturities of
greater than</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">93</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">three months and
investments in an open-ended bond fund identified to fund current operations.
All marketable securities are classified as available-for-sale.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company derived
substantially all of its revenues from sales of display drivers that are
incorporated into TFT-LCD panels. The TFT-LCD panel 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 panel industry for the foreseeable future.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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&#8217;s revenues and adversely impact the Company&#8217;s operating
results. The largest customer (CMO and its affiliates), a related party,
accounted for approximately 58.9%, 55.0% and 58.8%, respectively, of the
Company's revenues in 2005, 2006 and 2007. The other (Chunghwa Picture Tubes and
its affiliates) accounted for 16.2%, 12.4% and 7.3%, respectively in 2005, 2006
and 2007. The largest customer represented more than 10% of the Company&#8217;s
accounts receivable balance at December 31, 2006 and 2007. CMO and its
affiliates accounted for approximately 50.3% and 68.4% of the Company&#8217;s accounts
receivable balance at December 31, 2006 and 2007, respectively. Moreover, the
Company has at times agreed to extend the payment terms for certain of its
customers. Other customers have also requested extension of payment terms, and
the Company may grant such requests for extension in the future. As a result, a
default by any such customer, a prolonged delay in the payment of accounts
receivable, or the extension of payment terms for the Company&#8217;s customers would
adversely affect the Company&#8217;s cash flow, liquidity and operating results. The
Company performs ongoing credit evaluations of each customer and adjusts credit
policy based upon payment history and the customer&#8217;s credit worthiness, as
determined by the review of their current credit information. See Notes 21 and
23 for additional information.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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
eight 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's ability to ship its products, cause the Company to lose
revenues and damage the Company's customer relationships.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">There are a limited
number of companies which supply processed tape used to manufacture the
Company&#8217;s semiconductor products and therefore, from time to time, shortage of
such processed tape may occur. If any of the Company&#8217;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&#8217;s business customer relationships and negatively impact
its earnings.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">A limited number of
third-party assembly and testing houses assemble and test substantially all of
the Company&#8217;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
sources. Any problems that the Company may encounter with the delivery, quality
or cost of its products could damage the Company's reputation and result in a
loss of customers and orders.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">94</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td align="left" colspan="3" valign="bottom" width="42%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Note&#160;21.&#160;Related-party&#160;Transactions</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="54%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                            </tr>
                            <tr>
                              <td align="left" colspan="3" valign="bottom" width="42%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="54%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td align="left" valign="bottom" width="3%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(a)</font></div>
                              </td>
                              <td align="left" colspan="2" valign="bottom" width="39%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Name&#160;and&#160;relationship</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="54%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                            </tr>
                            <tr>
                              <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" colspan="2" valign="bottom" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="54%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="38%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Name&#160;of&#160;related&#160;parties</font></div>
                              </td>
                              <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Relationship</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi&#160;Mei&#160;Optoelectronics&#160;Corp.&#160;(CMO)</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">the Company&#8217;s
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                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="38%">
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                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Wholly&#160;owned&#160;subsidiary&#160;of&#160;CMO</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(CMO-Japan,&#160;formerly&#160;named&#160;International&#160;Display</font></div>
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                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="54%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Technology&#160;Ltd.&#160;or&#160;ID&#160;Tech)</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="54%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jemitek&#160;Electronic&#160;Corp.&#160;(JEC)</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="54%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;Company&#8217;s&#160;CEO&#160;represented&#160;on&#160;JEC&#8217;s&#160;Board&#160;of</font>
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                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">November
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                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">on&#160;March&#160;1,&#160;2007.</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi&#160;Mei&#160;Corporation&#160;(CMC)</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Major&#160;shareholder&#160;of&#160;CMO</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">NEXGEN&#160;Mediatech&#160;Inc.&#160;(NEXGEN)</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMC&#160;nominated&#160;more&#160;than&#160;half&#160;of&#160;the&#160;seats&#160;on&#160;NEXGEN&#8217;s&#160;Board</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">of&#160;Directors</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi&#160;Mei&#160;Communication&#160;System,&#160;Inc.&#160;(CMCS)</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMC&#160;nominated&#160;more&#160;than&#160;half&#160;of&#160;the&#160;seats&#160;on&#160;CMCS&#8217;s</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Board&#160;of&#160;Directors</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi&#160;Lin&#160;Technology&#160;Co.,&#160;Ltd.(Chi&#160;Lin&#160;Tech)</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMC&#160;nominated&#160;more&#160;than&#160;half&#160;of&#160;the&#160;seats&#160;on</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi&#160;Lin&#160;Tech&#8217;s&#160;Board&#160;of&#160;Directors</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">NingBo&#160;Chi&#160;Mei&#160;Optoelectronics&#160;Ltd.&#160;(CMO-NingBo)</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;subsidiary&#160;of&#160;CMO</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi&#160;Mei&#160;EL&#160;Corporation&#160;(CMEL)</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;subsidiary&#160;of&#160;CMO</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">TopSun&#160;Optronics,&#160;Inc.&#160;(TopSun)</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi Lin Tech
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                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">of&#160;Directors&#160;since&#160;September&#160;2006.&#160;&#160;On&#160;January&#160;1,&#160;2007,</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">TopSun&#160;merged&#160;with&#160;Chi&#160;Lin&#160;Tech,&#160;Chi&#160;Lin&#160;Tech&#160;was&#160;the</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">surviving&#160;company</font></div>
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                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">NanHai&#160;Chi&#160;Mei&#160;Optoelectronics&#160;Ltd.&#160;(CMO-&#160;NanHai)</font></div>
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                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;subsidiary&#160;of&#160;CMO</font></div>
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                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ChiHsin&#160;Electronics&#160;Corp.&#160;(ChiHsin)</font></div>
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                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;subsidiary&#160;of&#160;CMO</font></div>
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                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi&#160;Mei&#160;Logistics&#160;Corp.&#160;(CMLC)</font></div>
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                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;subsidiary&#160;of&#160;CMO</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="38%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">NingBo&#160;Chi&#160;Mei&#160;Logistics&#160;Corp.&#160;(CMLC-NingBo)</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" valign="bottom" width="54%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The&#160;subsidiary&#160;of&#160;CMO</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="54%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td align="left" colspan="3" valign="bottom" width="42%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(b)&#160;&#160;&#160;
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                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="54%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="left" colspan="2" valign="bottom" width="39%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(i)&#160;Revenues&#160;and&#160;accounts&#160;receivable</font></div>
                              </td>
                              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="54%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" colspan="3" valign="bottom" width="96%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Revenues&#160;from&#160;related&#160;parties&#160;are&#160;summarized&#160;as&#160;follows:</font></div>
                              </td>
                            </tr>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="MARGIN-LEFT: 18pt" align="center">
                        <table cellpadding="0" cellspacing="0" width="96%">
                            <tr>
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" colspan="10" nowrap valign="bottom" width="31%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
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                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="10" nowrap valign="bottom" width="31%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">317,012</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">335,797</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">281,766</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO-&#160;NingBo</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">721</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">73,898</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">249,117</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi&#160;Lin&#160;Tech</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,841</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,985</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7,162</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO-&#160;NanHai</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7,141</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ChiHsin</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,499</font></td>
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                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMEL</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">214</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">NEXGEN</font></div>
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                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">370</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">805</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">45</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">TopSun</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,136</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">JEC</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,565</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO-&#160;Japan</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">275</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">322,784</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">414,632</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">546,944</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">95</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                        <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">A&#160;breakdown&#160;by&#160;product&#160;type&#160;for&#160;sales&#160;to&#160;CMO&#160;and&#160;its&#160;affiliates&#160;is&#160;summarized&#160;as&#160;follows:</font></div>
                      </div>
                      <div align="left">
                      </div>
                      <div>&#160;</div>
                      <div>
                        <div style="MARGIN-LEFT: 18pt" align="center">
                          <table cellpadding="0" cellspacing="0" width="96%">
                              <tr>
                                <td valign="bottom" width="67%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="10" nowrap valign="bottom" width="31%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom" width="67%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="3" nowrap valign="bottom" width="10%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                                </td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;driver&#160;for&#160;large-size&#160;applications</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">316,837</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">408,075</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">536,610</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;driver&#160;for&#160;consumer&#160;electronics&#160;applications</font></div>
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                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6</font></td>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">484</font></td>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;driver&#160;for&#160;mobile&#160;handsets</font></div>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">771</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Others</font></div>
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                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,165</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">922</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <tr bgcolor="#d5eaea">
                                <td valign="bottom" width="67%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
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                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">539,737</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;related&#160;accounts&#160;receivable&#160;resulting&#160;from&#160;the&#160;above&#160;sales&#160;as&#160;of&#160;December&#160;31,&#160;2006&#160;and&#160;2007,&#160;were&#160;as&#160;follows:</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                        <div align="center">
                          <table cellpadding="0" cellspacing="0" width="96%">
                              <tr>
                                <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" colspan="6" nowrap valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="6" nowrap valign="bottom" width="20%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in
      thousands)</font></div>
                                </td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">81,610</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">94,069</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO-&#160;NingBo</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">33,923</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">92,779</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO-&#160;NanHai</font></div>
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                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,732</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ChiHsin</font></div>
                                </td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,574</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi&#160;Lin&#160;Tech</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">444</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,049</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">NEXGEN</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">117</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="78%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">TopSun</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,158</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMEL</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">117,254</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">195,205</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Allowance&#160;for&#160;sales&#160;returns&#160;and&#160;discounts</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(404</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(303</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">116,850</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">194,902</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The credit terms
granted to CMO and its subsidiaries ranged form 60 days to 90 days, and the
credit terms granted to other related parties ranged from 30 days to 45 days.
The credit terms offered to unrelated third parties ranged from 30 days to 120
days.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(ii)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Purchases&#160;and&#160;accounts&#160;payable</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Purchases&#160;from&#160;related&#160;parties&#160;are&#160;summarized&#160;as&#160;follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="MARGIN-LEFT: 27pt" align="left">
                        <table cellpadding="0" cellspacing="0" width="95%">
                            <tr>
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="10" nowrap valign="bottom" width="31%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="3" nowrap valign="bottom" width="10%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO</font></div>
                              </td>
                              <td align="right" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" nowrap valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">703</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">82</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMC</font></div>
                              </td>
                              <td align="right" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" nowrap valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chi&#160;Lin&#160;Tech</font></div>
                              </td>
                              <td align="right" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" nowrap valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">31</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" nowrap valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">743</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">89</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">24</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;purchases&#160;had&#160;been&#160;full&#160;paid&#160;as&#160;of&#160;December&#160;31,&#160;2006&#160;and&#160;2007.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
terms of payment to related parties were approximately 30~60 days after
receiving, comparable to that from third parties.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">96</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                              <tr valign="top">
                                <td align="right" style="WIDTH: 27pt">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(iii)</font></div>
                                </td>
                                <td align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Property&#160;transactions</font></div>
                                </td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In 2005, the Company
purchased equipment amounting to $2 thousand from Chi Lin Tech. The purchase had
been full paid as of December 31, 2005.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                              <tr valign="top">
                                <td align="right" style="WIDTH: 27pt">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(iv)</font></div>
                                </td>
                                <td align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Lease</font></div>
                                </td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company entered
into a lease contract with CMO, CMLC and CMLC-NingBo for leasing office space
and equipment. For the years ended December 31, 2005, 2006 and 2007, the related
rent and utility expenses resulting from the aforementioned transactions
amounted to $619 thousand, $759 thousand and $465 thousand, respectively, and
were recorded as cost of revenue and operating expenses in the accompanying
consolidated statements of income. As of December 31, 2006 and 2007, the related
payables resulting from the aforementioned transactions amounted to $155
thousand and $111 thousand, respectively, and were recorded as other accrued
expenses in the accompanying consolidated balance sheets.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                              <tr valign="top">
                                <td align="right" style="WIDTH: 27pt">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(v)</font></div>
                                </td>
                                <td align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Sales&#160;agent</font></div>
                                </td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company entered
into sales agent contracts with CMO and CMCS. For the years ended December 31,
2005, the sales commission resulting from such contracts amounted to $49
thousand. The sales commission expenses were recorded as a deduction from
revenue in the accompanying consolidated statements of income. No commission
expense occurred under such contracts in 2006 and 2007.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                              <tr valign="top">
                                <td align="right" style="WIDTH: 27pt">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(vi)</font></div>
                                </td>
                                <td align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Others</font></div>
                                </td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In 2005, 2006 and
2007, the Company purchased consumable and miscellaneous items amounting to $78
thousand, $159 thousand and $63 thousand, respectively, from CMO, CMC, Chi Lin
Tech and NEXGEN, which were charged to operating expense. As of December 31,
2006 and 2007, the related payables resulting from the aforementioned
transactions were $4 thousand and $1 thousand, respectively.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In 2005, 2006 and
2007, Chi Lin Tech provided IC bonding service on prototype panels for the
Company&#8217;s research activities for a fee of $43 thousand, $128 thousand and $113
thousand, respectively, which was charged to research and development expense.
As of December 31, 2006 and 2007, the related process fee payable resulting from
the aforementioned transactions was $38 thousand and $11 thousand,
respectively.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;22.&#160;Commitments&#160;and&#160;Contingencies</font><br></div>
                      <div align="center">
                        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(a)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">As of December
      31, 2006 and 2007, amounts of outstanding letters of credit for the
      purchase machinery and equipment and license agreement were $146 thousand
      and $150 thousand, respectively.</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(b)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of December
      31, 2006, and 2007 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 $7,806 thousand and
      $877 thousand, respectively. As of December 31, 2006 and 2007, the
      remaining commitments were $2,816 thousand and $100 thousand,
      respectively.</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(c)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company
      leases its office and buildings pursuant to operating lease arrangements
      with unrelated third parties. The lease arrangement will expire gradually
      from 2008 to 2010. As of December 31, 2006 and 2007, deposits paid
      amounted to $477 thousand and $371 thousand, respectively, and were
      recorded as refundable deposit in the accompanying consolidated balance
      sheets.</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">97</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As&#160;of&#160;December&#160;31,&#160;2007,&#160;future&#160;minimum&#160;lease&#160;payments&#160;under&#160;noncancelable&#160;operating&#160;leases&#160;are&#160;as&#160;follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="MARGIN-LEFT: 27pt" align="left">
                        <table cellpadding="0" cellspacing="0" width="95%">
                            <tr>
                              <td align="left" valign="bottom" width="89%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Duration</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amount</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="89%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" width="9%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="89%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">January&#160;1,&#160;2008~December&#160;31,&#160;2008</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">827</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="89%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">January&#160;1,&#160;2009~December&#160;31,&#160;2009</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">226</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="89%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">January&#160;1,&#160;2010~December&#160;31,&#160;2010</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">16</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td valign="bottom" width="89%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">1,069</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Rental expense for
operating leases amounted to $1,305 thousand, $1,763 thousand and $1,852
thousand in 2005, 2006 and 2007, respectively.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(d)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 0.6% to 5% of the sales to customers in the specific territory or
      referred by agents as stipulated in these agreements. Total commissions
      incurred amounting to $4,478 thousand, $3,788 thousand and $535 thousand,
      respectively, in 2005, 2006 and 2007, respectively. The sales commission
      expenses were recorded as a deduction from revenue in the accompanying
      consolidated statements of income.</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(e)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 three progresses of the project development and a royalty based on
      shipments. The license fee paid and charged to research and development
      expense in 2006 was $200 thousand. No license fee occurred in 2005 and
      2007. As of December 31, 2007, no royalty
  occurred.</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 occurred in
2005. The license fee charged to research and development expense in 2006 and
2007 was $10 thousand and $250 thousand, respectively. As of December 31, 2007,
no royalty occurred.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In June 2007, the
Company entered into a license agreement for the use of Analogix HDMI 1.3
receiver core 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. The
license fee paid and charged to research and development expense in 2007 was
$500 thousand. As of December 31, 2007, no royalty occurred.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                              <tr valign="top">
                                <td align="right" style="WIDTH: 27pt">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(f)</font></div>
                                </td>
                                <td align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The company
      has entered into two agreements to provide donations for laboratories with
      two top local universities in Taiwan. Total contributions amounted to
      NT$50.4 million ($1.6 million). As of December 31, 2007, the remaining
      commitments were NT$38.6 million ($1.2
million).</font></div>
                                </td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(g)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(h)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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,</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">98</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 1pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                              <tr valign="top">
                                <td align="right" style="WIDTH: 27pt">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(i)</font></div>
                                </td>
                                <td align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company
      has entered into several wafer fabrication or assembly and testing service
      arrangements with service providers. The Company may be obligated to make
      payments for purchase orders entered into pursuant to these
      arrangements.</font></div>
                                </td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                              <tr valign="top">
                                <td align="right" style="WIDTH: 27pt">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(j)</font></div>
                                </td>
                                <td align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 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$800.0
      million ($24.4 million), NT$900.0 million ($27.6 million) and NT$1.0
      billion ($30.7 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></div>
                                </td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 1pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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&#8217;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&#8217;s business, financial condition and results of operations and
decrease the value of the Company&#8217;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&#8217;s
assets.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 1pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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&#8217;s paid-in capital. Refer to Note 16 (b) of the Company&#8217;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&#8217;s right to repatriate dividends to the Company.
Himax Taiwan&#8217;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&#8217;s approval.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 1pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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&#8217;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 individually. Should the approval be
revoked, the Company and Himax Taiwan would be entitled to appeal such
decision</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">99</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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&#8217;s ownership structure was established, (2) limit Himax Taiwan&#8217;s ability
to issue equity or debt securities or incur debt or (3) otherwise restrict Himax
Taiwan&#8217;s operations (other than as set out in the undertakings).</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In August 2005, the
Company purchased 3.18 hectares of land for an aggregate purchase price of
approximately NT$325.8 million ($10.2 million) which satisfied the first
condition. Himax Taiwan had 549 employees, 664 employees and 569 employees as of
December 31, 2005, 2006 and 2007, respectively, and had spent NT$1,012 million
($30.9 million), NT$1,394 million ($42.8 million) and NT$1,859 million ($56.5
million) in research and development expenditures in 2005, 2006 and 2007,
respectively. Therefore, as of December 31, 2005, 2006 and 2007, the Company had
satisfied the 2005, 2006 and 2007 undertakings the Company made with the ROC
Investment Commission.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                              <tr valign="top">
                                <td align="right" style="WIDTH: 27pt">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(k)</font></div>
                                </td>
                                <td align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On July 30,
      2007, a purported class action lawsuit was filed in the United States
      District Court for the Central District of California against the
      Company&#8217;s Chief Financial Officer alleging breach of fiduciary duty and
      violations of Sections 11, 12 (a) (2) and 15 of the Securities Act of
      1933. On August 30, 2007, a similar class action lawsuit was filed in the
      same court against the Company, its Chief Executive Officer and its Chief
      Financial Officer, alleging violations of Sections 11 and 15 of the
      Securities Act of 1933. On February 5, 2008, the court consolidated the
      two actions. The consolidated complaint added as defendants certain of the
      Company&#8217;s directors, as well as Chi Mei Optoelectronics Corporation
      (&#8220;CMO&#8221;), seeking unspecified damages on behalf of purchasers of the
      Company's stock pursuant and/or traceable to the Company&#8217;s initial public
      offering in March 2006. The Plaintiffs claim that defendants violated U.S.
      securities laws because the registration statement associated with the IPO
      contained material misrepresentations and/or omissions related to CMO&#8217;s
      inventory level prior to the IPO. The Company filed a Motion to dismiss
      the lawsuit on March 20, 2008, which is still
  pending.</font></div>
                                </td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Subject to certain
limitations, and pursuant to its Articles of Association, the Company is
indemnifying its Chief Executive Officer and Chief Financial Officer in
connection with this lawsuit. The Company and the individual defendants believe
that the claims are not meritorious and intend to defend against this lawsuit
vigorously. Nevertheless, the litigation is in its preliminary stages and the
Company cannot predict its outcome. An adverse outcome in the litigation, if it
occurred, could have a material adverse effect on the Company&#8217;s results of
operations. As of December 31, 2007, no provision for loss has been recognized
in the Company&#8217;s consolidated financial statements because at this stage the
likelihood of an unfavorable outcome is not considered probable and the amount
of loss, if any, is not estimable.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;23.&#160;Segment&#160;Information</font><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company is
engaged in the design, development and marketing of semiconductors for flat
panel displays. Based on the Company&#8217;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, <font style="DISPLAY: inline; FONT-STYLE: italic">Disclosures about Segments of an
Enterprise and</font> <font style="DISPLAY: inline; FONT-STYLE: italic">Related
Information</font>.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Revenues&#160;from&#160;the&#160;Company's&#160;major&#160;product&#160;lines&#160;are&#160;summarized&#160;as&#160;follow:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="10" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="3" nowrap valign="bottom">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
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                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;drivers&#160;for&#160;large-size&#160;applications</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">470,631</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">645,513</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">752,196</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;drivers&#160;for&#160;mobile&#160;handset&#160;applications</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">31,123</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">52,160</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">75,704</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Display&#160;drivers&#160;for&#160;consumer&#160;electronics&#160;applications</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">18,571</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">28,616</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">66,634</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Others</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19,879</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">18,229</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">23,677</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">540,204</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">744,518</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">918,211</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">100</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
following tables summarize information pertaining to the Company&#8217;s revenues from
customers in different geographic region (based on customer&#8217;s headquarter
location):</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="10" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="4" nowrap valign="bottom">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                              </td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Taiwan</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">482,991</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">605,924</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">785,334</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other&#160;Asia&#160;Pacific&#160;(China,&#160;Korea&#160;and&#160;Japan)</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">57,213</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">138,287</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">132,687</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Europe&#160;(Netherlands&#160;and&#160;France)</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">307</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">190</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">540,204</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">744,518</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">918,211</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;carrying&#160;value&#160;of&#160;the&#160;company's&#160;tangible&#160;long-lived&#160;assets&#160;are&#160;located&#160;in&#160;the&#160;following&#160;countries:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td valign="bottom" width="81%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" colspan="3" nowrap valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="81%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                            </tr>
                            <tr>
                              <td valign="bottom" width="81%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td colspan="3" nowrap valign="bottom" width="17%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in
      thousands)</font></div>
                              </td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="81%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Taiwan</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                              </td>
                              <td align="right" valign="bottom" width="8%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">38,681</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="8%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">45,379</font></div>
                              </td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="81%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">China</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="8%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">208</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="8%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">574</font></div>
                              </td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="81%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">U.S.</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="8%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="8%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">219</font></div>
                              </td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="81%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Korea</font></div>
                              </td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6</font></div>
                              </td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8</font></div>
                              </td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td valign="bottom" width="81%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                              </td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">38,895</font></div>
                              </td>
                              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">46,180</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Revenues from
significant customers, those representing 10% or more of total revenue for the
respective periods, are summarized as follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="10" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="3" nowrap valign="bottom">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                              </td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="67%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO&#160;and&#160;its&#160;affiliates,&#160;a&#160;related&#160;party</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">318,008</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">409,697</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">539,737</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chunghwa&#160;Picture&#160;Tubes&#160;and&#160;its&#160;affiliates</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">87,534</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">92,561</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">66,694</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td valign="bottom" width="67%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">405,542</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">502,258</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">606,431</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Accounts receivable
from significant customers, those representing 10% or more of total accounts
receivable for the respective periods, is summarized as follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" colspan="6" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="6" nowrap valign="bottom">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in
      thousands)</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CMO&#160;and&#160;its&#160;affiliates,&#160;a&#160;related&#160;party</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">115,535</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">194,154</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chunghwa&#160;Picture&#160;Tubes&#160;and&#160;its&#160;affiliates</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">33,846</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">24,138</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">149,381</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">218,292</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;24.&#160;Subsequent&#160;Events</font><br></div>
                      <div align="center">
                        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(a)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Ordinary&#160;share&#160;buybacks</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In January and March
2008, the Company repurchased 1,074,042 ADSs from the open market for total cash
consideration of $4,653 thousand. The Company has repurchased $33 million or
7,643,150 ADSs in the open market at an average price of US$4.32 per ADS as of
May 30, 2008. The repurchased ADSs and their underling ordinary shares were then
cancelled, thereby reducing approximately 7.6 million shares or 4% of the
Company&#8217;s issued and outstanding ordinary shares in 2008.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">101</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(b)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Dilution&#160;of&#160;ownership&#160;stakes&#160;in&#160;Himax&#160;Media&#160;Solutions</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On January 3, 2008,
the Company recognized a dilution gain of $2,045 thousand, resulting from the
issuance of 18,096 thousands new shares of common stock (representing a 19.9%
interest) by Himax Media Solutions to CMO, a related party, TPV Technology
Limited (&#8220;TPV&#8221;) and other third parties for cash proceeds of $8,402 thousand.
After the transaction, the Company still retains a controlling financial
interest in Himax Media Solutions.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td style="WIDTH: 27pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(c)</font></div>
                              </td>
                              <td>
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Declaration&#160;of&#160;cash&#160;dividend</font></div>
                              </td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On May 27, 2008, the
Company announced that the board of directors declared a cash dividend of
US$0.35 per ordinary share of the Company. The dividend will be payable on June
27, 2008.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Note&#160;25.&#160;Himax&#160;Technologies,&#160;Inc.&#160;(the&#160;Parent&#160;Company&#160;only)</font><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As a holding
company, dividends received from the Company&#8217;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 22 (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'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></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of December 31,
2007, 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 $366,608 thousand.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">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 Parent Company
only, as if the Parent Company had been in existence for all periods, are
presented as follows:</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div>
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td align="left" valign="bottom" width="53%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Condensed&#160;Balance&#160;Sheets</font></div>
                              </td>
                              <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" colspan="6" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">December&#160;31,</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td colspan="6" nowrap valign="bottom">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in
      thousands)</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash&#160;and&#160;cash&#160;equivalents</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">95,591</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">18,588</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other&#160;current&#160;assets</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">31,013</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,109</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Investment&#160;in&#160;non-marketable&#160;securities</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,600</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Investments&#160;in&#160;subsidiaries</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">238,648</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">430,700</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;assets</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">365,252</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">451,997</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Liabilities</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,325</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">688</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="#d5eaea">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;stockholders&#8217;&#160;equity</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">363,927</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">451,309</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total&#160;liabilities&#160;and&#160;stockholder's&#160;equity</font></div>
                              </td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">365,252</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">451,997</font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The&#160;Parent&#160;Company&#160;had&#160;no&#160;long-term&#160;obligations&#160;or&#160;guarantees&#160;as&#160;of&#160;December&#160;31,&#160;2006&#160;and&#160;2007.</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="page104"><br></a><a name="page85" /></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">102</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
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                            <tr>
                              <td align="left" valign="bottom" width="41%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Condensed&#160;Statements&#160;of&#160;Income</font></div>
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                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                        <div align="left">
                          <table cellpadding="0" cellspacing="0" width="100%">
                              <tr>
                                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" colspan="10" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
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                              <tr>
                                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                                <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
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                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
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                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
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                                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr>
                                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" colspan="2" nowrap valign="bottom">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
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                                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <tr bgcolor="#d5eaea">
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                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Revenues</font></div>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Costs&#160;and&#160;expenses</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(77</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(683</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
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                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;&#160;&#160;Operating&#160;income&#160;(loss)</font></div>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(77</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(683</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
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                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Equity&#160;in&#160;earnings&#160;from&#160;subsidiaries</font></div>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">61,733</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">69,435</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">107,583</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other&#160;non&#160;operating&#160;income&#160;(loss)</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(98</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,755</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,696</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Earnings&#160;before&#160;income&#160;taxes</font></div>
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                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">61,558</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">75,190</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">112,596</font></td>
                                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="#d5eaea">
                                <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income&#160;tax</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                              <tr bgcolor="white">
                                <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 4px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;Income</font></div>
                                </td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">61,558</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">75,190</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">112,596</font></td>
                                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                              </tr>
                          </table>
                        </div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div align="left">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td align="left" valign="bottom" width="41%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Condensed&#160;Statements&#160;of&#160;Cash&#160;Flows</font></div>
                              </td>
                              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                            </tr>
                        </table>
                      </div>
                      <div>&#160;</div>
                      <div>
                        <div align="left">
                          <div align="left">
                            <table cellpadding="0" cellspacing="0" width="100%">
                                <tr>
                                  <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                  <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td colspan="10" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year&#160;Ended&#160;December&#160;31,</font></div>
                                  </td>
                                  <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr>
                                  <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                  <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2005</font></div>
                                  </td>
                                  <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2006</font></div>
                                  </td>
                                  <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                                  </td>
                                  <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr>
                                  <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                                  <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td colspan="2" nowrap valign="bottom">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(in&#160;thousands)</font></div>
                                  </td>
                                  <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr>
                                  <td align="left" valign="bottom">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash&#160;flows&#160;from&#160;operating&#160;activities:</font></div>
                                  </td>
                                  <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr bgcolor="#d5eaea">
                                  <td align="left" valign="bottom" width="67%">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;income</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">61,558</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">75,190</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">112,596</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr bgcolor="white">
                                  <td align="left" valign="bottom" width="67%">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Adjustments&#160;to&#160;reconcile&#160;net&#160;income&#160;&#160;to&#160;net&#160;cash</font></div>
                                  </td>
                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr bgcolor="#d5eaea">
                                  <td align="left" valign="bottom" width="67%">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">provided&#160;by&#160;(used&#160;in)&#160;operating&#160;activities:</font></div>
                                  </td>
                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr bgcolor="white">
                                  <td align="left" valign="bottom" width="67%">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Share-based&#160;compensation&#160;expense</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr bgcolor="#d5eaea">
                                  <td align="left" valign="bottom" width="67%">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Equity&#160;in&#160;earnings&#160;from&#160;subsidiaries</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(61,733</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(69,435</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(107,583</font></td>
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                                <tr bgcolor="white">
                                  <td align="left" valign="bottom" width="67%">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Changes&#160;in&#160;operating&#160;assets&#160;and&#160;liabilities:</font></div>
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                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                                <tr bgcolor="#d5eaea">
                                  <td align="left" valign="bottom" width="67%">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other&#160;current&#160;assets</font></div>
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                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(5,789</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">21,674</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr bgcolor="white">
                                  <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other&#160;accrued&#160;expenses&#160;and&#160;other&#160;current&#160;liabilities</font></div>
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                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">133</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,192</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(499</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                </tr>
                                <tr bgcolor="#d5eaea">
                                  <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;cash&#160;provided&#160;by&#160;(used&#160;in)&#160;operating&#160;activities</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(42</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,158</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26,193</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr bgcolor="white">
                                  <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;cash&#160;used&#160;in&#160;investing&#160;activities</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(540</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(24,141</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                </tr>
                            </table>
                          </div>
                          <div align="left">
                            <table cellpadding="0" cellspacing="0" width="100%">
                                <tr bgcolor="#d5eaea">
                                  <td align="left" valign="bottom" width="67%">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash&#160;flows&#160;from&#160;financing&#160;activities:</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr bgcolor="white">
                                  <td align="left" valign="bottom" width="67%">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;&#160;&#160;Distribution&#160;of&#160;special&#160;cash&#160;dividends</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(13,558</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(39,710</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                </tr>
                                <tr bgcolor="#d5eaea">
                                  <td align="left" valign="bottom" width="67%">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Proceeds&#160;from&#160;borrowings&#160;(repayments)&#160;of&#160;short-term&#160;debt</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">13,600</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(13,600</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr bgcolor="white">
                                  <td align="left" valign="bottom" width="67%">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Proceeds&#160;from&#160;initial&#160;public&#160;offering,&#160;net&#160;of&#160;issuance&#160;costs</font></div>
                                  </td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">147,408</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr bgcolor="#d5eaea">
                                  <td align="left" valign="bottom" width="67%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Acquisitions&#160;of&#160;ordinary&#160;shares&#160;for&#160;retirement</font></div>
                                  </td>
                                  <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(38,835</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(39,345</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                </tr>
                                <tr bgcolor="white">
                                  <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;cash&#160;provided&#160;by&#160;(used&#160;in)&#160;financing&#160;activities</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">42</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">94,973</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(79,055</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                </tr>
                                <tr bgcolor="#d5eaea">
                                  <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net&#160;increase&#160;(decrease)&#160;in&#160;cash&#160;and&#160;cash&#160;equivalents</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">95,591</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(77,003</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                                </tr>
                                <tr bgcolor="white">
                                  <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 2px">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash&#160;and&#160;cash&#160;equivalents&#160;at&#160;beginning&#160;of&#160;year</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">95,591</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                                <tr bgcolor="#d5eaea">
                                  <td align="left" valign="bottom" width="67%" style="PADDING-BOTTOM: 4px">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash&#160;and&#160;cash&#160;equivalent&#160;at&#160;end&#160;of&#160;year</font></div>
                                  </td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8211;</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">95,591</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">18,588</font></td>
                                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                                </tr>
                            </table>
                          </div>
                        </div>
                      </div>
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left">&#160;</div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">103</font></div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left">&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: Arial"><a name="page105"><font style="DISPLAY: inline; FONT-SIZE: 16pt; COLOR: #0090c0; FONT-FAMILY: Arial">Corporate&#160;Information</font></a><a name="page85" /></font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                        <div align="left">
                          <table cellpadding="0" cellspacing="0" width="100%">
                              <tr>
                                <td align="left" valign="top" width="40%" style="BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: 4px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Board
      of Directors</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chairman</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Dr. Biing-Seng
      Wu</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Directors</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jordan
      Wu</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jung-Chun
      Lin</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Dr. Chun-Yen
      Chang</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Yuan-Chuan
      Horng</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Senior
      Management</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Jordan
      Wu</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chief
      Executive Officer</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Max
      Chan</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chief
      Financial Officer</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chih-Chung
      Tsai</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Chief
      Technology Officer, Senior VP</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Baker
      Bai</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Incubator
      System Design Center, VP</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">John
      Chou</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Quality &amp;
      Reliability Assurance and Support </font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Design Center,
      VP</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Norman
      Hong</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales and
      Marketing, VP</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Corporate
      Headquarters</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Himax
      Technologies, Inc.</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">No.26, Zih
      Lian Road, Fonghua Village,</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Sinshih
      Township, Taiana County 74445, Taiwan</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tel:+886-6-505-0880</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Fax:+886-6-507-0000</font></div>
                                </td>
                                <td align="left" valign="top" width="45%" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-BOTTOM: 4px">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Investor
      Information</font></div>
                                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Shareholder
      Services for </font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">American
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
