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<SEC-DOCUMENT>0000057131-05-000042.txt : 20050822
<SEC-HEADER>0000057131-05-000042.hdr.sgml : 20050822
<ACCEPTANCE-DATETIME>20050822172521
ACCESSION NUMBER:		0000057131-05-000042
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20050730
FILED AS OF DATE:		20050822
DATE AS OF CHANGE:		20050822

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LA-Z-BOY INC
		CENTRAL INDEX KEY:			0000057131
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		IRS NUMBER:				380751137
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09656
		FILM NUMBER:		051041910

	BUSINESS ADDRESS:	
		STREET 1:		1284 N TELEGRAPH RD
		CITY:			MONROE
		STATE:			MI
		ZIP:			48162
		BUSINESS PHONE:		7342414414

	MAIL ADDRESS:	
		STREET 1:		1284 N TELEGRAPH RD
		CITY:			MONROE
		STATE:			MI
		ZIP:			48162

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LA Z BOY CHAIR CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>tenqfinal.htm
<TEXT>

<HTML><HEAD><TITLE></TITLE>
</HEAD>
<BODY><!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
<P align=center><IMG height=92 src="logo.jpg" width=412 border=0>
</P><!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=2>SECURITIES
AND EXCHANGE COMMISSION </FONT></H1><!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=2>WASHINGTON,
D.C. 20549-1004 <BR>FORM 10-Q </FONT></H1><!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Quarterly
Report Under Section 13 or 15(d) <BR>of the Securities Exchange Act of 1934
</FONT></P><!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>FOR QUARTER
ENDED <B><U>July 30, 2005</U></B> COMMISSION FILE NUMBER <U>1-9656
</U></FONT></P><!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 align=center><FONT face="Times New Roman, Times, Serif"
size=6><SUB>LA-Z-BOY&nbsp; INCORPORATED</SUB> </FONT></H1><!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
<HR align=left width="100%" noShade SIZE=1>
<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>(Exact name of
registrant as specified in its charter)
</FONT></P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MICHIGAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38-0751137
<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
<HR align=left width="100%" noShade SIZE=1>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State
or other jurisdiction of &nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(I.R.S.
Employer<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;incorporation or
organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Identification
No.)<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284
North Telegraph Road, Monroe,
Michigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
48162-3390 <!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
<HR align=left width="100%" noShade SIZE=1>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Address of principal executive
offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip
Code)<BR><BR>
<P align=left>Registrant's telephone number, including area code <U>(734)
241-4074</U><BR><!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" --></P>
<P align=center><FONT face="Times New Roman, Times, Serif"
size=3><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P><!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P align=center><FONT face="Times New Roman, Times, Serif"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Former name, former
address and former fiscal year, if changed since last report.) </FONT></P><!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by section
13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12
months and (2) has been subject to such filing requirements for the past 90
days.
</FONT></P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes<U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;
&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U> <!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>Indicate by check mark
whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the
Exchange Act).
</FONT></P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes<U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;
&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U> <!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>Indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).
</FONT></P>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No<U>&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp; &nbsp; </U>&nbsp;<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" --></p>
<p>&nbsp;</p>
<P><FONT face="Times New Roman, Times, Serif" size=2>Indicate the number of
shares outstanding of each issuer&#146;s classes of common stock, as of the last
practicable date: </FONT></P>
<P><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Class&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Outstanding at July 30,
2005</U><BR>Common Shares, $1.00 par value&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,806,455</P><!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR color=gray noShade SIZE=5>
<BR><BR><BR><!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=2>LA-Z-BOY
INCORPORATED<BR>FORM 10-Q FIRST QUARTER OF FISCAL 2006</FONT></H1><!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>TABLE OF
CONTENTS </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" align=center>

  <TR vAlign=bottom>
    <TH><FONT face="Times New Roman, Times, Serif" size=1></FONT></TH>
    <TH><FONT face="Times New Roman, Times, Serif"
      size=1>Page<BR>Number(s)</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%"><FONT face="Times New Roman, Times, Serif"
      size=2>PART I&nbsp;&nbsp;Financial Information</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1.
      Financial Statements</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
      Statement of Operations</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>3</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
      Balance Sheet</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
      Statement of Cash Flows</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
      Statement of Changes in Shareholders&#146; Equity</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
      to Consolidated Financial Statements</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
      1. Basis of Presentation</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>7</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
      2. Interim Results</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>7</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
      3. Reclassification</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>7</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
      4. Earnings per Share</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>7</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
      5. Inventories</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
      6. Restructuring</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
      7. Segment Information</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
      8. Goodwill and Other Intangible Assets</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
      9. Stock Plans</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
      10. Financial Guarantees and Product Warranties</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>11</FONT></TD></TR>
  <TR>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
      11. Variable Interest Entities</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>12</FONT></TD></TR>
  <TR>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Note
      12. Pension Plans</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Note 13. Dispositions</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 2.
      Management&#146;s Discussion and Analysis of Financial Condition</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
      Results of Operations</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cautionary
      Statement Concerning Forward-Looking Statements</FONT></TD>
    <TD align=center><font face="Times New Roman, Times, Serif" size="2">13</font></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results
      of Operations</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>15-17</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity
      and Capital Resources</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>18-19</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent Accounting Pronouncements</FONT></TD>
    <TD align=center><font face="Times New Roman, Times, Serif" size="2">20</font></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outlook</FONT></TD>
    <TD align=center><font face="Times New Roman, Times, Serif" size="2">20</font></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item
      3. Quantitative &amp; Qualitative Disclosures About Market
    Risk</FONT></TD>
    <TD align=center><font face="Times New Roman, Times, Serif" size="2">21</font></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item
      4. Controls and Procedures</FONT></TD>
    <TD align=center><font face="Times New Roman, Times, Serif" size="2">21</font></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>PART
      II&nbsp; Other
      Information</FONT></TD></TR>
  <TR>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item
      2. </FONT><FONT
      face="Times New Roman, Times, Serif" size=2>Unregistered Sales of Equity
      Securities and Use of Proceeds</FONT></TD>
    <TD align=center><font face="Times New Roman, Times, Serif" size="2">21</font></TD></TR>
  <tr>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item
      5. Other Information</FONT></TD>
    <TD align=center><font face="Times New Roman, Times, Serif" size="2">22</font></TD>
  </tr>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item
      6. Exhibits </FONT></TD>
    <TD align=center><font face="Times New Roman, Times, Serif" size="2">22</font></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;Signature
      Page</FONT></TD>
    <TD align=center><font face="Times New Roman, Times, Serif" size="2">23</font></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR></TABLE><BR><BR>
<HR color=black noShade SIZE=2>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=3>PART I
<BR>FINANCIAL INFORMATION </FONT></H1><!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>Item 1.
Financial Statements </B></FONT></P><A name=income_statement></A>
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=3>LA-Z-BOY
INCORPORATED <BR>CONSOLIDATED STATEMENT OF OPERATIONS </FONT></H1><!-- MARKER FORMAT-SHEET="Head Center Italic-TNR" FSL="Default" --><A
name=A009></A>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><I>(Unaudited,
amounts in thousands, except per share data) </I></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=576>

  <TR vAlign=bottom>
    <TH width=202 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH>
    <TH width=374 colSpan=15><FONT face="Times New Roman, Times, Serif"
      size=1>First Quarter Ended</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TH width=202 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH>
    <TH width=82 colSpan=3>&nbsp;</TH>
    <TH width=69 colSpan=3>&nbsp;</TH>
    <TH width=73 colSpan=3><FONT face="Times New Roman, Times, Serif" size=2>%
      Over</FONT></TH>
    <TH width=150 colSpan=6><FONT face="Times New Roman, Times, Serif"
      size=2>Percent of Sales</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TH width=202 colSpan=3>&nbsp;</TH>
    <TH width=82 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=2>7/30/05</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=69 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=2>7/24/04</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=73 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=2>(Under)</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=72 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=2>7/30/05</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=78 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=2>7/24/04</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Sales</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=58><FONT size=2>451,487</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>455,107</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>-0.8</FONT></TD>
    <TD align=left width=20><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>100.0</FONT></TD>
    <TD align=left width=26><FONT size=2>%</FONT></TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>100.0</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD></TR>
  <TR>
    <TD width=202 colSpan=3></TD>
    <TD width=82 colSpan=3></TD>
    <TD width=69 colSpan=3></TD>
    <TD width=73 colSpan=3></TD>
    <TD width=72 colSpan=3></TD>
    <TD width=78 colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194>&nbsp;</TD>
    <TD align=left width=4>&nbsp;</TD>
    <TD align=left width=4>&nbsp;</TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=58>&nbsp;</TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=45>&nbsp;</TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=15>&nbsp;</TD>
    <TD align=right width=38>&nbsp;</TD>
    <TD align=left width=20>&nbsp;</TD>
    <TD align=right width=10>&nbsp;</TD>
    <TD align=right width=36>&nbsp;</TD>
    <TD align=left width=26>&nbsp;</TD>
    <TD align=right width=15>&nbsp;</TD>
    <TD align=right width=37>&nbsp;</TD>
    <TD align=left width=26>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT size=2>Cost of sales</FONT></TD>
    <TD align=left width=4>&nbsp;</TD>
    <TD align=left width=4>&nbsp;</TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=58>&nbsp;</TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=45>&nbsp;</TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=15>&nbsp;</TD>
    <TD align=right width=38>&nbsp;</TD>
    <TD align=left width=20>&nbsp;</TD>
    <TD align=right width=10>&nbsp;</TD>
    <TD align=right width=36>&nbsp;</TD>
    <TD align=left width=26>&nbsp;</TD>
    <TD align=right width=15>&nbsp;</TD>
    <TD align=right width=37>&nbsp;</TD>
    <TD align=left width=26>&nbsp;</TD></TR>
  <TR>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp; Cost of goods sold</FONT></TD>
    <TD align=left width=4>&nbsp;</TD>
    <TD align=left width=4>&nbsp;</TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=58><FONT size=2>345,018</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>351,716</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>-1.9</FONT></TD>
    <TD align=left width=20><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>76.4</FONT></TD>
    <TD align=left width=26><FONT size=2>%</FONT></TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>77.3</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD></TR>
  <TR>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp; Restructuring</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=58><FONT size=2>--</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>10,400</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>-100.0</FONT></TD>
    <TD align=left width=20><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>--</FONT></TD>
    <TD align=left width=26>&nbsp;</TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT size=2>2.3</FONT></TD>
    <TD align=left width=26>%</TD></TR>
  <TR>
    <TD width=202 colSpan=3></TD>
    <TD align=right width=70 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=57 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=53 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=20></TD>
    <TD align=right width=46 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26>&nbsp;</TD>
    <TD align=right width=52 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Total cost of sales</FONT></TD>
    <TD align=left width=4>&nbsp;</TD>
    <TD align=left width=4>&nbsp;</TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=58><FONT size=2>345,018</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>362,116</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=15>&nbsp;</TD>
    <TD align=right width=38><FONT size=2>-4.7</FONT></TD>
    <TD align=left width=20><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=10>&nbsp;</TD>
    <TD align=right width=36><FONT size=2>76.4</FONT></TD>
    <TD align=left width=26><FONT size=2>%</FONT></TD>
    <TD align=right width=15>&nbsp;</TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>79.6</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD></TR>
  <TR>
    <TD width=202 colSpan=3></TD>
    <TD align=right width=70 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=57 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=53 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=20></TD>
    <TD align=right width=46 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26>&nbsp;</TD>
    <TD align=right width=52 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=58><FONT size=2>106,469</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>92,991</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>14.5</FONT></TD>
    <TD align=left width=20><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>23.6</FONT></TD>
    <TD align=left width=26><FONT size=2>%</FONT></TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>20.4</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Selling, general and administrative</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=58><FONT size=2>98,568</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>97,045</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>1.6</FONT></TD>
    <TD align=left width=20><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>21.8</FONT></TD>
    <TD align=left width=26><FONT size=2>%</FONT></TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>21.3</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD></TR>
  <TR>
    <TD width=202 colSpan=3></TD>
    <TD align=right width=70 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=57 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=53 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=20></TD>
    <TD align=right width=46 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26>&nbsp;</TD>
    <TD align=right width=52 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Operating income (loss)</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=58><FONT size=2>7,901</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>(4,054</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>294.9</FONT></TD>
    <TD align=left width=20><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>1.7</FONT></TD>
    <TD align=left width=26><FONT size=2>%</FONT></TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>-0.9</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Interest expense</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=58><FONT size=2>2,741</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>2,209</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>24.1</FONT></TD>
    <TD align=left width=20><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>0.6</FONT></TD>
    <TD align=left width=26><FONT size=2>%</FONT></TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>0.5</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Other income, net</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=58><FONT size=2>15</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>373</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>-96.0</FONT></TD>
    <TD align=left width=20><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>0.0</FONT></TD>
    <TD align=left width=26><FONT size=2>%</FONT></TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>0.1</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD></TR>
  <TR>
    <TD width=202 colSpan=3></TD>
    <TD align=right width=70 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=57 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=53 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=20></TD>
    <TD align=right width=46 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26>&nbsp;</TD>
    <TD align=right width=52 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26></TD></TR>
  <TR>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Income (loss) from continuing
      <BR>&nbsp;&nbsp;&nbsp;&nbsp; operations before income taxes</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD vAlign=bottom align=right width=58><FONT size=2>5,175</FONT></TD>
    <TD vAlign=bottom align=left width=12>&nbsp;</TD>
    <TD vAlign=bottom align=right width=12><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman, Times, Serif" size=2>(5,890</FONT></TD>
    <TD vAlign=bottom align=left width=12><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width=15></TD>
    <TD vAlign=bottom align=right width=38><FONT size=2>187.9</FONT></TD>
    <TD vAlign=bottom align=left width=20><FONT
      face="Times New Roman, Times, Serif" size=2>%</FONT></TD>
    <TD vAlign=bottom align=right width=10><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width=36><FONT size=2>1.1</FONT></TD>
    <TD vAlign=bottom align=left width=26><FONT size=2>%</FONT></TD>
    <TD vAlign=bottom align=right width=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width=37><FONT
      face="Times New Roman, Times, Serif" size=2>-1.3</FONT></TD>
    <TD vAlign=bottom align=left width=26><FONT
      face="Times New Roman, Times, Serif" size=2>%</FONT></TD></TR>
  <TR>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Income tax expense (benefit)</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=58><FONT size=2>1,967</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>(2,238</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>187.9</FONT></TD>
    <TD align=left width=20><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>38.0</FONT></TD>
    <TD align=left width=26><FONT size=2>%*</FONT></TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>38.0</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%*</FONT></TD></TR>
  <TR>
    <TD width=202 colSpan=3></TD>
    <TD align=right width=70 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=57 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=53 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=20></TD>
    <TD align=right width=46 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26>&nbsp;</TD>
    <TD align=right width=52 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Income (loss) from continuing
      <BR>&nbsp;&nbsp;&nbsp;&nbsp; operations</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=58><FONT size=2>3,208</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>(3,652</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>187.8</FONT></TD>
    <TD align=left width=20><FONT size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>0.7</FONT></TD>
    <TD align=left width=26><FONT size=2>%</FONT></TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>-0.8</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Income from discontinued <BR>&nbsp;&nbsp;&nbsp;&nbsp; operations
      (net of tax)</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12>&nbsp;</TD>
    <TD align=right width=58><FONT size=2>--</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>129</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>-100.0</FONT></TD>
    <TD align=left width=20><FONT size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>--</FONT></TD>
    <TD align=left width=26><FONT size=2></FONT></TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>0.0</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD></TR>
  <TR>
    <TD width=202 colSpan=3></TD>
    <TD align=right width=70 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=57 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=53 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=20></TD>
    <TD align=right width=46 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26>&nbsp;</TD>
    <TD align=right width=52 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=26></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Net income (loss)</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=4><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=58><FONT size=2>3,208</FONT></TD>
    <TD align=left width=12>&nbsp;</TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=45><FONT face="Times New Roman, Times, Serif"
      size=2>(3,523</FONT></TD>
    <TD align=left width=12><FONT size=2>)</FONT></TD>
    <TD align=right width=15></TD>
    <TD align=right width=38><FONT size=2>191.1</FONT></TD>
    <TD align=left width=20><FONT size=2>%</FONT></TD>
    <TD align=right width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=36><FONT size=2>0.7</FONT></TD>
    <TD align=left width=26><FONT size=2>%</FONT></TD>
    <TD align=right width=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=37><FONT face="Times New Roman, Times, Serif"
      size=2>-0.8</FONT></TD>
    <TD align=left width=26><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD></TR>
  <TR>
    <TD width=202 colSpan=3></TD>
    <TD align=right width=70 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=12></TD>
    <TD align=right width=57 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=12></TD>
    <TD align=right width=53 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=20></TD>
    <TD align=right width=46 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=26></TD>
    <TD align=right width=52 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=26></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width=358>

  <TR vAlign=bottom>
    <TH width=207 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH>
    <TH width=85 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH>
    <TH width=63 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Basic average shares</FONT></TD>
    <TD align=left width=3><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=7>&nbsp;</TD>
    <TD align=right width=68><FONT size=2>52,129</FONT></TD>
    <TD align=left width=10>&nbsp;</TD>
    <TD align=right width=5><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=57><FONT size=2>51,967</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width=207 colSpan=3></TD>
    <TD align=right width=75 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=10></TD>
    <TD align=right width=62 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=12></TD></TR>
  <TR>
    <TD width=194></TD></TR>
  <TR>
    <TD width=207 colSpan=3></TD>
    <TD align=right width=75 colSpan=2>&nbsp;</TD>
    <TD width=10></TD>
    <TD align=right width=62 colSpan=2>&nbsp;</TD>
    <TD width=12></TD></TR>
  <TR>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Basic income (loss) from <BR>&nbsp;&nbsp;&nbsp; continuing
      operations per share</FONT></TD>
    <TD align=left width=3><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width=7><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=68><FONT size=2>0.06</FONT></TD>
    <TD vAlign=bottom align=left width=10>&nbsp;</TD>
    <TD vAlign=bottom align=right width=5><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=57><FONT size=2>(0.07</FONT></TD>
    <TD vAlign=bottom align=left width=12><FONT size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Basic net income (loss) per share</FONT></TD>
    <TD align=left width=3><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=7><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=68><FONT size=2>0.06</FONT></TD>
    <TD align=left width=10>&nbsp;</TD>
    <TD align=right width=5><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=57><FONT size=2>(0.07</FONT></TD>
    <TD align=left width=12><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD width=207 colSpan=3></TD>
    <TD align=right width=75 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=10></TD>
    <TD align=right width=62 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=12></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Diluted average shares</FONT></TD>
    <TD align=left width=3><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=7><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=68><FONT size=2>52,195</FONT></TD>
    <TD align=left width=10><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=5><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=57><FONT size=2>51,967</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width=207 colSpan=3></TD>
    <TD align=right width=75 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=10></TD>
    <TD align=right width=62 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=12></TD></TR>
  <TR>
    <TD width=207 colSpan=3></TD>
    <TD align=right width=75 colSpan=2>&nbsp;</TD>
    <TD width=10></TD>
    <TD align=right width=62 colSpan=2>&nbsp;</TD>
    <TD width=12></TD></TR>
  <TR>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Diluted income (loss) from <BR>&nbsp;&nbsp;&nbsp; continuing
      operations per share</FONT></TD>
    <TD align=left width=3><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=7><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=68><FONT size=2>0.06</FONT></TD>
    <TD align=left width=10>&nbsp;</TD>
    <TD align=right width=5><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=57><FONT size=2>(0.07</FONT></TD>
    <TD align=left width=12><FONT size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Diluted net income (loss) <BR>&nbsp;&nbsp;&nbsp;&nbsp; per
      share</FONT></TD>
    <TD align=left width=3><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=7><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=68><FONT size=2>0.06</FONT></TD>
    <TD align=left width=10>&nbsp;</TD>
    <TD align=right width=5><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=57><FONT size=2>(0.07</FONT></TD>
    <TD align=left width=12><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD width=207 colSpan=3></TD>
    <TD align=right width=75 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=10></TD>
    <TD align=right width=62 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=12></TD></TR>
  <TR>
    <TD width=207 colSpan=3></TD>
    <TD width=85 colSpan=3></TD>
    <TD width=74 colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=194><FONT face="Times New Roman, Times, Serif"
      size=2>Dividends paid per share</FONT></TD>
    <TD align=left width=3><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=7><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=68><FONT size=2>0.11</FONT></TD>
    <TD align=left width=10></TD>
    <TD align=right width=5><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=57><FONT size=2>0.11</FONT></TD>
    <TD align=left width=12></TD></TR></TABLE><!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>*As a percent of pretax
income, not
sales.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P><!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>The accompanying Notes to
Consolidated Financial Statements are an integral part of these statements.
</FONT></P>
<P align=center><FONT size=2>3</FONT></P><!-- MARKER FORMAT-SHEET="Page Rule Double" FSL="Default" -->
<HR color=black SIZE=2>
<A name=balance_sheet></A><!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" --><A
name=A010></A>

<H1 align=center><FONT face="Times New Roman, Times, Serif" size=4>LA-Z-BOY
INCORPORATED <BR>CONSOLIDATED BALANCE SHEET </FONT></H1><!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" --><A
name=A011></A>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><I>(Unaudited,
amounts in thousands)</I> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=672>

  <TR vAlign=bottom>
    <TH width=245 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH>
    <TH width=99 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH>
    <TH width=99 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH>
    <TH width=160 colSpan=6><FONT face="Times New Roman, Times, Serif"
      size=1>Increase/(Decrease)</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH width=69 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH></TR>
  <TR vAlign=bottom>
    <TH width=245 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH>
    <TH width=99 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1>7/30/05</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=99 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1>7/24/04</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=76 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1>Dollars</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=84 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1>Percent</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=69 colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1>4/30/05</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>Current assets</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT face="Times New Roman, Times, Serif"
      size=2></FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64>&nbsp;</TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2></FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54>&nbsp;</TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2></FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Cash and equivalents</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=66><FONT size=2>19,011</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=64><FONT size=2>28,965</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=49><FONT size=2>(9,954</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-34.4</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>37,705</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Receivables, net</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>248,677</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>250,081</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(1,404</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-0.6</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>283,915</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>264,739</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>275,852</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(11,113</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-4.0</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>260,556</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>26,048</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>42,707</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(16,659</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-39.0</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>22,779</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>21,195</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>27,316</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(6,121</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-22.4</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>33,410</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width=245 colSpan=3></TD>
    <TD align=right width=87 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=86 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=13></TD>
    <TD align=right width=60 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16>&nbsp;</TD>
    <TD align=right width=68 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16></TD>
    <TD align=right width=61 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=8></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current
      assets</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>579,670</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>624,921</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(45,251</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-7.2</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>638,365</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>Property, plant and equipment, net</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>213,287</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>206,622</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>6,665</FONT></TD>
    <TD align=left width=16>&nbsp;</TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>3.2</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>210,565</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>Goodwill</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>79,770</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>68,116</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>11,654</FONT></TD>
    <TD align=left width=16>&nbsp;</TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>17.1</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>79,362</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>Trade names</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>21,484</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>27,889</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(6,405</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-23.0</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>21,484</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>Other long-term assets</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>86,284</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>83,651</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>2,633</FONT></TD>
    <TD align=left width=16>&nbsp;</TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>3.1</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>76,581</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width=245 colSpan=3></TD>
    <TD align=right width=87 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=86 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=13></TD>
    <TD align=right width=60 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16>&nbsp;</TD>
    <TD align=right width=68 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16></TD>
    <TD align=right width=61 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=8></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      assets</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=66><FONT size=2>980,495</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=64><FONT size=2>1,011,199</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=49><FONT size=2>(30,704</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-3.0</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>1,026,357</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width=245 colSpan=3></TD>
    <TD align=right width=87 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=12></TD>
    <TD align=right width=86 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=13></TD>
    <TD align=right width=60 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=16></TD>
    <TD align=right width=68 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=16></TD>
    <TD align=right width=61 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=8></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>Current liabilities</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=66><FONT size=2>22,000</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=64><FONT size=2>6,000</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=49><FONT size=2>16,000</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>266.7</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%&nbsp;</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>9,700</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt </FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>2,801</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>1,864</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>937</FONT></TD>
    <TD align=left width=16>&nbsp;</TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>50.3</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>3,060</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>69,342</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>85,186</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(15,844</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-18.6</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>82,792</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;current
      liabilities</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>112,587</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>113,317</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(730</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-0.6</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>133,172</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width=245 colSpan=3></TD>
    <TD align=right width=87 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=86 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=13></TD>
    <TD align=right width=60 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16></TD>
    <TD align=right width=68 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16></TD>
    <TD align=right width=61 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=8></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current
      liabilities</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>206,730</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>206,367</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>363</FONT></TD>
    <TD align=left width=16>&nbsp;</TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>0.2</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>228,724</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>Long-term debt</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>194,687</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>232,833</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(38,146</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-16.4</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>213,549</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>Deferred income taxes</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>5,420</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>20,030</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(14,610</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-72.9</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>5,389</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>Other long-term liabilities</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>54,965</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>39,585</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>15,380</FONT></TD>
    <TD align=left width=16>&nbsp;</TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>38.9</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>51,409</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>Contingencies and commitments</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>Shareholders' equity</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Common shares, $1 par value</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>51,806</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>52,003</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(197</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-0.4</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>52,225</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>213,578</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>215,822</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(2,244</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-1.0</FONT></TD>
    <TD align=left width=16><FONT size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>214,087</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>265,274</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>243,208</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>22,066</FONT></TD>
    <TD align=left width=16>&nbsp;</TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>9.1</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>273,143</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Unearned compensation</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>(1,367</FONT></TD>
    <TD align=left width=12><FONT size=2>)</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>--</FONT></TD>
    <TD align=left width=13>&nbsp;</TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(1,367</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>N/M</FONT></TD>
    <TD align=left width=16>&nbsp;</TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>(1,536</FONT></TD>
    <TD align=left width=8><FONT size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive
      <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; income
    (loss)</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>(10,598</FONT></TD>
    <TD align=left width=12><FONT size=2>)</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>1,351</FONT></TD>
    <TD align=left width=13>&nbsp;</TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>(11,949</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-884.5</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>(10,633</FONT></TD>
    <TD align=left width=8><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD width=245 colSpan=3></TD>
    <TD align=right width=87 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=86 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=13></TD>
    <TD align=right width=60 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16></TD>
    <TD align=right width=68 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16></TD>
    <TD align=right width=61 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=8></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders'
      equity</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=66><FONT size=2>518,693</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=64><FONT size=2>512,384</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT size=2>6,309</FONT></TD>
    <TD align=left width=16>&nbsp;</TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>1.2</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>527,286</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width=245 colSpan=3></TD>
    <TD align=right width=87 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12></TD>
    <TD align=right width=86 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=13></TD>
    <TD align=right width=60 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16></TD>
    <TD align=right width=68 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16></TD>
    <TD align=right width=61 colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=8></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities
      and</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=219><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shareholders'
      equity</FONT></TD>
    <TD align=left width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=21><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=66><FONT size=2>980,495</FONT></TD>
    <TD align=left width=12><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=22><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=64><FONT size=2>1,011,199</FONT></TD>
    <TD align=left width=13><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=11><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=49><FONT size=2>(30,704</FONT></TD>
    <TD align=left width=16><FONT size=2>)</FONT></TD>
    <TD align=right width=14><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width=54><FONT size=2>-3.0</FONT></TD>
    <TD align=left width=16><FONT face="Times New Roman, Times, Serif"
      size=2>%</FONT></TD>
    <TD align=right width=12><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width=49><FONT face="Times New Roman, Times, Serif"
      size=2>1,026,357</FONT></TD>
    <TD align=left width=8><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width=245 colSpan=3></TD>
    <TD align=right width=87 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=12></TD>
    <TD align=right width=86 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=13></TD>
    <TD align=right width=60 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=16></TD>
    <TD align=right width=68 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=16></TD>
    <TD align=right width=61 colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=8></TD></TR></TABLE><!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>N/M = not meaningful
<BR>The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements. </FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>4</FONT></P>
<HR color=black SIZE=2>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" --><A
name=cash_flow></A>
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=4>LA-Z-BOY
INCORPORATED <BR>CONSOLIDATED STATEMENT OF CASH FLOWS </FONT></H1><!-- MARKER FORMAT-SHEET="Head Center Italic-TNR" FSL="Default" --><A
name=A013></A>
<P style="LINE-HEIGHT: 0" align=center>&nbsp;</P>
<P style="LINE-HEIGHT: 0" align=center><FONT
face="Times New Roman, Times, Serif" size=2><I>(Unaudited, amounts in thousands)
</I></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="90%" align=center border=0>

  <TR vAlign=bottom>
    <TH colSpan=3 height=27>&nbsp;</TH>
    <TH colSpan=6 height=27><FONT face="Times New Roman, Times, Serif"
      size=1>First Quarter Ended</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TH colSpan=3 height=27><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH>
    <TH colSpan=3 height=27><FONT face="Times New Roman, Times, Serif"
      size=1>7/30/05</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 height=27><FONT face="Times New Roman, Times, Serif"
      size=1>7/24/04</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="75%" height=19><B><FONT
      face="Times New Roman, Times, Serif" size=2>Cash flows from operating
      activities</FONT></B></TD>
    <TD align=left width="1%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width="2%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" height=19>&nbsp;</TD>
    <TD align=left width="4%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width="7%" height=19>&nbsp;</TD>
    <TD align=left width="4%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Net income (loss)</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=19><FONT size=2>3,208</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=19><FONT size=2>(3,523</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to
      cash provided</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by (used for)
      operating activities</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>--</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>10,400</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and
      amortization</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>6,998</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>6,908</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in receivables</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>34,842</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>51,440</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in inventories</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(781</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(27,284</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in payables</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(13,959</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(8,112</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other assets and
      liabilities</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15><FONT size=2>(7,301</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD>
    <TD align=right height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15><FONT size=2>(29,843</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in deferred
    taxes</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(3,238</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(4,927</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      adjustments</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>16,561</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(1,418</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      cash provided by (used for) operating activities</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>19,769</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(4,941</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=15><B><FONT face="Times New Roman, Times, Serif"
      size=2>Cash flows from investing activities</FONT></B></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Proceeds from disposals of assets</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>2</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>268</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19>
    <font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp; Purchases
    of investments</font></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19>&nbsp;</TD>
    <TD align=right height=19><font size="2">(11,938</font></TD>
    <TD align=left height=19><font size="2">)</font></TD>
    <TD align=right height=19>&nbsp;</TD>
    <TD align=right height=19><font size="2">(1,506</font></TD>
    <TD align=left height=19>
    <font face="Times New Roman, Times, Serif" size="2">)</font></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19>
    <font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp; Proceeds  from
    sale of investments</font></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19>&nbsp;</TD>
    <TD align=right height=19><font size="2">2,143</font></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19>&nbsp;</TD>
    <TD align=right height=19><font size="2">2,539</font></TD>
    <TD align=left height=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Capital expenditures</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(6,713</FONT></TD>
    <TD align=left height=19><FONT size=2>)</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(9,474</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Change in other long-term assets</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(2,065</FONT></TD>
    <TD align=left height=19><FONT size=2>)</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(1,828</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing
      activities</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(18,571</FONT></TD>
    <TD align=left height=19><FONT size=2>)</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(10,001)</FONT></TD>
    <TD align=left height=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=15><B><FONT face="Times New Roman, Times, Serif"
      size=2>Cash flows from financing activities</FONT></B></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Proceeds from debt</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>46,079</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>69,743</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Payments on debt</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19>&nbsp;</TD>
    <TD align=right height=19><FONT size=2>(53,905</FONT></TD>
    <TD align=left height=19><FONT size=2>)</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(53,416</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Stock issued for stock and employee benefit
      plans</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19>&nbsp;</TD>
    <TD align=right height=19><FONT size=2>1,000</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>1,482</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Repurchase of common stock</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19>&nbsp;</TD>
    <TD align=right height=19><FONT size=2>(7,247</FONT></TD>
    <TD align=left height=19><FONT size=2>)</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(2,476</FONT></TD>
    <TD align=left height=19><FONT size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Dividends paid</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19>&nbsp;</TD>
    <TD align=right height=19><FONT size=2>(5,758</FONT></TD>
    <TD align=left height=19><FONT size=2>)</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(5,649</FONT></TD>
    <TD align=left height=19><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for)
      financing activities</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(19,831</FONT></TD>
    <TD align=left height=19><FONT size=2>)</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>9,684</FONT></TD>
    <TD align=left height=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>Effect of exchange rate changes on cash and equivalents</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(61</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>341</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>Net decrease in cash and equivalents</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(18,694</FONT></TD>
    <TD align=left height=19><FONT size=2>)</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>(4,917</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>Cash and equivalents at beginning of period</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>37,705</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>33,882</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>Cash and equivalents at end of period</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=19><FONT size=2>19,011</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=19><FONT size=2>28,965</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=16></TD>
    <TD align=right colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD height=16></TD>
    <TD align=right colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD height=16></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>Cash paid (net of refunds) during period&nbsp;-&nbsp;Income
      taxes</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=19><FONT size=2>(5,633</FONT></TD>
    <TD align=left height=19><FONT size=2>)</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=19><FONT size=2>7,414</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;Interest</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=19><FONT size=2>3,222</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=19><FONT size=2>2,552</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR></TABLE><!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P align=left><FONT style="FONT-SIZE: 9pt"
face="Times New Roman, Times, Serif">The accompanying Notes to Consolidated
Financial Statements are an integral part of these statements. </FONT><!-- MARKER FORMAT-SHEET="Page Rule Double" FSL="Default" --><BR>
<P align=center><FONT face="Times New Roman" size=2>5 </FONT></P>
<HR color=black SIZE=2>
<A name=shareholders_equity></A>
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=4>LA-Z-BOY
INCORPORATED <BR>CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS&#146; EQUITY
</FONT></H1>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><I>(Unaudited,
amounts in thousands) </I></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=596 align=center border=0>

  <TR vAlign=bottom>
    <TH width=222 colSpan=3 height=75><FONT
      face="Times New Roman, Times, Serif" size=1></FONT></TH>
    <TH width=63 colSpan=3 height=75><FONT
      face="Times New Roman, Times, Serif" size=1>Common shares</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=60 colSpan=3 height=75><FONT
      face="Times New Roman, Times, Serif" size=1>Capital in<BR>excess of
      par<BR>value</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=60 colSpan=3 height=75><FONT
      face="Times New Roman, Times, Serif" size=1>Retained<BR>earnings</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=65 colSpan=3 height=75><FONT
      face="Times New Roman, Times, Serif" size=1>Unearned Compensation</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=68 colSpan=3 height=75><FONT
      face="Times New Roman, Times, Serif" size=1>Accumulated
      other<BR>comprehensive income<BR>(loss)</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH width=58 colSpan=3 height=75><FONT
      face="Times New Roman, Times, Serif" size=1>Total</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp; At
      April 24, 2004</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=43 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>52,031</FONT></TD>
    <TD align=left width=10 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=40 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>216,156</FONT></TD>
    <TD align=left width=10 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=40 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>253,012</FONT></TD>
    <TD align=left width=10 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=50 height=15><FONT size=2>--</FONT></TD>
    <TD align=left width=7 height=15></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=47 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>1,129</FONT></TD>
    <TD align=left width=12 height=15></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=40 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>522,328</FONT></TD>
    <TD align=left width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>Repurchases of common
      stock</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=43 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>(120</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>)</FONT></TD>
    <TD align=left width=10 height=19></TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19></TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>(2,356</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>)</FONT></TD>
    <TD align=right width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=19>&nbsp;</TD>
    <TD align=left width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>(2,476</FONT></TD>
    <TD align=left width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left width=206 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>Stock issued for stock and
      employee benefit plans </FONT></TD>
    <TD align=left width=8 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=30></TD>
    <TD align=right width=43 height=30><FONT size=2>314</FONT></TD>
    <TD align=left width=10 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=30></TD>
    <TD align=right width=40 height=30><FONT size=2>(2,063</FONT></TD>
    <TD align=left width=10 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD align=left width=10 height=30></TD>
    <TD align=right width=40 height=30><FONT size=2>8,170</FONT></TD>
    <TD align=left width=10 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=30><FONT size=2>(1,848</FONT></TD>
    <TD align=left width=7 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD align=right width=9 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=30>&nbsp;</TD>
    <TD align=left width=12 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=40 height=30><FONT size=2>4,573</FONT></TD>
    <TD align=left width=9 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=30><FONT size=2>Amortization of unearned
      compensation</FONT></TD>
    <TD align=left width=8 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=30></TD>
    <TD align=right width=43 height=30>&nbsp;</TD>
    <TD align=left width=10 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=30></TD>
    <TD align=right width=40 height=30>&nbsp;</TD>
    <TD align=left width=10 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=30></TD>
    <TD align=right width=40 height=30>&nbsp;</TD>
    <TD align=left width=10 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=30><FONT size=2>312</FONT></TD>
    <TD align=left width=7 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=30>&nbsp;</TD>
    <TD align=left width=12 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=40 height=30><FONT size=2>312</FONT></TD>
    <TD align=left width=9 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>Tax benefit from exercise
      of&nbsp;&nbsp;options</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19></TD>
    <TD align=right width=40 height=19><FONT size=2>(6</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=19>&nbsp;</TD>
    <TD align=left width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=40 height=19><FONT size=2>(6</FONT></TD>
    <TD align=left width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>Dividends paid</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19></TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>(22,868</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>)</FONT></TD>
    <TD align=right width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=19>&nbsp;</TD>
    <TD align=left width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>(22,868</FONT></TD>
    <TD align=left width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>Comprehensive income
      (loss)</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;Net
      income</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19></TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>37,185</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=19>&nbsp;</TD>
    <TD align=left width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;Unrealized
      gain on marketable</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities (net of
      tax)</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=19><FONT size=2>127</FONT></TD>
    <TD align=left width=12 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;Realization
      of gains on marketable</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities (net of
      tax)</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>(93</FONT></TD>
    <TD align=left width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left width=206 height=20><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp; Additional
      minimum pension </FONT></TD>
    <TD align=left width=8 height=20>&nbsp;</TD>
    <TD align=left width=8 height=20>&nbsp;</TD>
    <TD align=left width=10 height=20>&nbsp;</TD>
    <TD align=right width=43 height=20>&nbsp;</TD>
    <TD align=left width=10 height=20>&nbsp;</TD>
    <TD align=left width=10 height=20>&nbsp;</TD>
    <TD align=right width=40 height=20>&nbsp;</TD>
    <TD align=left width=10 height=20>&nbsp;</TD>
    <TD align=left width=10 height=20>&nbsp;</TD>
    <TD align=right width=40 height=20>&nbsp;</TD>
    <TD align=left width=10 height=20>&nbsp;</TD>
    <TD align=right width=8 height=20>&nbsp;</TD>
    <TD align=right width=50 height=20>&nbsp;</TD>
    <TD align=left width=7 height=20><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=20>&nbsp;</TD>
    <TD align=right width=47 height=20>&nbsp;</TD>
    <TD align=left width=12 height=20><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      liability (net of tax)</FONT></TD>
    <TD align=left width=8 height=19>&nbsp;</TD>
    <TD align=left width=8 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=8 height=19>&nbsp;</TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=47 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>(14,144</FONT></TD>
    <TD align=left width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;Translation
      adjustment</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=19><FONT size=2>2,359</FONT></TD>
    <TD align=left width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;Change in
      fair value of cash</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;flow hedges (net of
      tax)</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=19><FONT size=2>(11</FONT></TD>
    <TD align=left width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive income</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=19>&nbsp;</TD>
    <TD align=left width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=40 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>25,423</FONT></TD>
    <TD align=left width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width=222 colSpan=3 height=15></TD>
    <TD align=right width=53 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=10 height=15></TD>
    <TD align=right width=50 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=10 height=15></TD>
    <TD align=right width=50 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=10 height=15></TD>
    <TD align=right width=58 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=7 height=15></TD>
    <TD align=right width=56 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12 height=15></TD>
    <TD align=right width=49 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=9 height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp; At
      April 30, 2005</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19></TD>
    <TD align=right width=43 height=19><FONT size=2>52,225</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19></TD>
    <TD align=right width=40 height=19><FONT size=2>214,087</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19></TD>
    <TD align=right width=40 height=19><FONT size=2>273,143</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 height=19><FONT size=2>(1,536</FONT></TD>
    <TD align=left width=7 height=19><FONT size=2>)</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=47 height=19><FONT size=2>(10,633</FONT></TD>
    <TD align=left width=12 height=19><FONT size=2>)</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=40 height=19><FONT size=2>527,286</FONT></TD>
    <TD align=left width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width=222 colSpan=3 height=1></TD>
    <TD width=63 colSpan=3 height=1></TD>
    <TD width=60 colSpan=3 height=1></TD>
    <TD width=60 colSpan=3 height=1></TD>
    <TD width=65 colSpan=3 height=1></TD>
    <TD width=68 colSpan=3 height=1></TD>
    <TD width=58 colSpan=3 height=1></TD></TR>
  <TR>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>Repurchases of common
      stock</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=43 height=19><FONT size=2>(500</FONT></TD>
    <TD align=left width=10 height=19><font size="2">)</font></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT size=2>(6,747</FONT></TD>
    <TD align=left width=10 height=19><font size="2">)</font></TD>
    <TD align=right width=8 height=19>&nbsp;</TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=47 height=19>&nbsp;</TD>
    <TD align=left width=12 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT size=2>(7,247</FONT></TD>
    <TD align=left width=9 height=19><font size="2">)</font></TD></TR>
  <TR>
    <TD align=left width=206 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>Stock issued for stock and
      employee<BR>&nbsp;&nbsp;&nbsp; benefit plans </FONT></TD>
    <TD align=left width=8 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=30></TD>
    <TD align=right width=43 height=30><FONT size=2>81</FONT></TD>
    <TD align=left width=10 height=30>&nbsp;</TD>
    <TD align=left width=10 height=30>&nbsp;</TD>
    <TD align=right width=40 height=30><FONT size=2>(509</FONT></TD>
    <TD align=left width=10 height=30><font size="2">)</font></TD>
    <TD align=left width=10 height=30>&nbsp;</TD>
    <TD align=right width=40 height=30><FONT size=2>1,428</FONT></TD>
    <TD align=left width=10 height=30>&nbsp;</TD>
    <TD align=right width=8 height=30>&nbsp;</TD>
    <TD align=right width=50 height=30>&nbsp;</TD>
    <TD align=left width=7 height=30>&nbsp;</TD>
    <TD align=right width=9 height=30>&nbsp;</TD>
    <TD align=right width=47 height=30>&nbsp;</TD>
    <TD align=left width=12 height=30>&nbsp;</TD>
    <TD align=right width=9 height=30>&nbsp;</TD>
    <TD align=right width=40 height=30><FONT size=2>1,000</FONT></TD>
    <TD align=left width=9 height=30>&nbsp;</TD></TR>
  <TR>
    <TD align=left width=206 height=30><FONT size=2>Amortization of
      unearned&nbsp; <B>&nbsp;&nbsp; <BR>&nbsp;&nbsp;&nbsp;
      </B>compensation</FONT></TD>
    <TD align=left width=8 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=30><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=30></TD>
    <TD align=right width=43 height=30>&nbsp;</TD>
    <TD align=left width=10 height=30>&nbsp;</TD>
    <TD align=left width=10 height=30>&nbsp;</TD>
    <TD align=right width=40 height=30>&nbsp;</TD>
    <TD align=left width=10 height=30>&nbsp;</TD>
    <TD align=left width=10 height=30>&nbsp;</TD>
    <TD align=right width=40 height=30>&nbsp;</TD>
    <TD align=left width=10 height=30>&nbsp;</TD>
    <TD align=right width=8 height=30>&nbsp;</TD>
    <TD align=right width=50 height=30><FONT size=2>169</FONT></TD>
    <TD align=left width=7 height=30>&nbsp;</TD>
    <TD align=right width=9 height=30>&nbsp;</TD>
    <TD align=right width=47 height=30>&nbsp;</TD>
    <TD align=left width=12 height=30>&nbsp;</TD>
    <TD align=right width=9 height=30>&nbsp;</TD>
    <TD align=right width=40 height=30><FONT size=2>169</FONT></TD>
    <TD align=left width=9 height=30>&nbsp;</TD></TR>
  <TR>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>Dividends paid</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT size=2>(5,758</FONT></TD>
    <TD align=left width=10 height=19>)</TD>
    <TD align=right width=8 height=19>&nbsp;</TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=47 height=19>&nbsp;</TD>
    <TD align=left width=12 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT size=2>(5,758</FONT></TD>
    <TD align=left width=9 height=19><font size="2">)</font></TD></TR>
  <TR>
    <TD align=left width=206 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>Comprehensive income
      (loss)</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;Net
      income</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT size=2>3,208</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=8 height=19>&nbsp;</TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=47 height=19>&nbsp;</TD>
    <TD align=left width=12 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD align=left width=206 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;Unrealized
      gain on marketable</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities (net of
      tax)</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=8 height=19>&nbsp;</TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=47 height=19><FONT size=2>555</FONT></TD>
    <TD align=left width=12 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD align=left width=206 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;Realization
      of gains on marketable</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities (net of
      tax)</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=8 height=19>&nbsp;</TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=47 height=19><FONT size=2>(57</FONT></TD>
    <TD align=left width=12 height=19><FONT size=2>)</FONT></TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;Translation
      adjustment</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=8 height=19>&nbsp;</TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=47 height=19><FONT size=2>(497</FONT></TD>
    <TD align=left width=12 height=19><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left width=206 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;Change in
      fair value of cash</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;flow hedges (net of
      tax)</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=8 height=19>&nbsp;</TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=47 height=19><FONT size=2>34</FONT></TD>
    <TD align=left width=12 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive income</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=43 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19>&nbsp;</TD>
    <TD align=left width=10 height=19>&nbsp;</TD>
    <TD align=right width=8 height=19>&nbsp;</TD>
    <TD align=right width=50 height=19>&nbsp;</TD>
    <TD align=left width=7 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=47 height=19>&nbsp;</TD>
    <TD align=left width=12 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19>&nbsp;</TD>
    <TD align=right width=40 height=19><FONT size=2>3,243</FONT></TD>
    <TD align=left width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD width=222 colSpan=3 height=15></TD>
    <TD align=right width=53 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=10 height=15></TD>
    <TD align=right width=50 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=10 height=15></TD>
    <TD align=right width=50 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=10 height=15></TD>
    <TD align=right width=58 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=7 height=15></TD>
    <TD align=right width=56 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=12 height=15></TD>
    <TD align=right width=49 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=9 height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=206 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp; At
      July 30, 2005</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=43 height=19><FONT size=2>51,806</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=40 height=19><FONT size=2>213,578</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=40 height=19><FONT size=2>265,274</FONT></TD>
    <TD align=left width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=50 height=19><FONT size=2>(1,367</FONT></TD>
    <TD align=left width=7 height=19><font size="2">)</font></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=47 height=19><FONT size=2>(10,598)</FONT></TD>
    <TD align=left width=12 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=40 height=19><FONT size=2>518,693</FONT></TD>
    <TD align=left width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width=222 colSpan=3 height=16></TD>
    <TD align=right width=53 colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=10 height=16></TD>
    <TD align=right width=50 colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=10 height=16></TD>
    <TD align=right width=50 colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=10 height=16></TD>
    <TD align=right width=58 colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=7 height=16></TD>
    <TD align=right width=56 colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=12 height=16></TD>
    <TD align=right width=49 colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=9 height=16></TD></TR></TABLE><!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT face="Times New Roman, Times, Serif"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying Notes to
Consolidated Financial Statements are an integral part of these statements.
</FONT></P>
<P align=center><FONT size=2>6</FONT></P><!-- MARKER FORMAT-SHEET="Page Rule Double" FSL="Default" -->
<HR color=black SIZE=2>
<!-- MARKER FORMAT-SHEET="Head Sub 3 Left-TNR" FSL="Project" --><A
name=A016></A>
<P align=center><FONT face="Times New Roman, Times, Serif"
size=3><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></P><A name=note_1></A><!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Note 1: Basis
of Presentation </FONT></H1><!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD width="95%"><FONT face="Times New Roman, Times, Serif" size=2>The
      interim financial information is prepared in conformity with generally
      accepted accounting principles and such principles are applied on a basis
      consistent with those reflected in our 2005 Annual Report on Form 10-K,
      filed with the Securities and Exchange Commission, but does not include
      all the disclosures required by generally accepted accounting principles.
      In the opinion of management, the interim financial information includes
      all adjustments and accruals, consisting only of normal recurring
      adjustments, which are necessary for a fair presentation
      of results for the respective interim period.
</FONT></TD></TR></TABLE><A name=note_2></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Note 2: Interim
Results </FONT></H1><!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD width="95%"><FONT face="Times New Roman, Times, Serif" size=2>The
      foregoing interim results are not necessarily indicative of the results of
      operations which will occur for the full fiscal year ending April 29,
      2006. </FONT></TD></TR></TABLE><A name=note_3></A><!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Note 3:
Reclassification </FONT></H1><!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD width="95%"><FONT face="Times New Roman, Times, Serif" size=2>Certain
      prior year information has been reclassified to be comparable with the
      current year presentation.&nbsp; Most significantly, our consolidated
      statement of operations have been reclassified for our discontinued
      operations.</FONT></TD></TR></TABLE><A name=note_4></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Note 4:
Earnings per Share </FONT></H1><!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD width="95%"><FONT face="Times New Roman, Times, Serif" size=2>Basic
      earnings per share is computed using the weighted average number of shares
      outstanding during the period. Diluted net income per share uses the
      weighted average number of shares outstanding during the period plus the
      additional common shares that would be outstanding if the dilutive
      potential common shares issuable under employee stock options were issued.
      A reconciliation of basic and diluted weighted average common shares
      outstanding follows: </FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="90%" align=center border=0>

  <TR vAlign=bottom>
    <TH colSpan=2 height=27><FONT face="Times New Roman, Times, Serif"
      size=1></FONT></TH>
    <TH colSpan=3 height=27><FONT face="Times New Roman, Times, Serif"
      size=1>First Quarter Ended</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH height=27>&nbsp;</TH></TR>
  <TR vAlign=bottom>
    <TH align=left colSpan=2 height=27><FONT
      face="Times New Roman, Times, Serif" size=1><I>(Unaudited, amounts in
      thousands)</I></FONT></TH>
    <TH height=27><FONT face="Times New Roman, Times, Serif"
      size=1>7/30/05</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH height=27>&nbsp;</TH>
    <TH height=27><FONT face="Times New Roman, Times, Serif"
      size=1>7/24/04</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH height=27>&nbsp;</TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="74%" height=13><FONT
      face="Times New Roman, Times, Serif" size=2>Weighted average common shares
      outstanding (basic)</FONT></TD>
    <TD align=left width="4%" height=13><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width="8%" height=13><FONT size=2>52,129</FONT></TD>
    <TD align=left width="4%" height=13><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width="8%" height=13><FONT
      face="Times New Roman, Times, Serif" size=2>51,967</FONT></TD>
    <TD align=left width="4%" height=13><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>Effect of options</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15><FONT size=2>66</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15><FONT face="Times New Roman, Times, Serif"
      size=2>--</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2 height=15></TD>
    <TD align=right height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>Weighted average common shares outstanding (diluted)</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15><FONT size=2>52,195</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15><FONT size=2>51,967</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2 height=16></TD>
    <TD align=right height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD height=16></TD>
    <TD align=right height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD height=16></TD></TR></TABLE><!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD width="95%"><FONT face="Times New Roman, Times, Serif" size=2>The
      weighted average common shares outstanding (diluted) at July 24, 2004 is
      equivalent to the weighted average common shares outstanding (basic)
      because the net loss in the first quarter of fiscal 2005 would cause the
      effect of options to be antidilutive.&nbsp; The weighted average common
      shares outstanding for diluted earnings per share calculation at July 30,
      2005, excludes the incremental effect related to outstanding stock options
      whose exercise price is in excess of the price of our stock at the end of
      the quarter.&nbsp; These options are excluded due to their antidilutive
      effect. </FONT></TD></TR></TABLE>
<H1 align=center>&nbsp;</H1>
<H1 align=center><FONT size=2>7</FONT></H1>
<HR color=black SIZE=2>

<P></P><A name=note_5></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Note 5:
Inventories </FONT></H1><!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A summary of inventory follows: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="85%" align=center>

  <TR vAlign=bottom>
    <TH align=left colSpan=3 height=30><FONT
      face="Times New Roman, Times, Serif" size=1><I>(Unaudited, amounts in
      thousands)</I></FONT></TH>
    <TH colSpan=3 height=30><FONT face="Times New Roman, Times, Serif"
      size=1>7/30/05</FONT>
      <HR width="93%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 height=30><FONT face="Times New Roman, Times, Serif"
      size=1>7/24/04</FONT>
      <HR width="93%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 height=30><FONT face="Times New Roman, Times, Serif"
      size=1>4/30/05</FONT>
      <HR width="93%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%" height=22><FONT
      face="Times New Roman, Times, Serif" size=2>Raw materials</FONT></TD>
    <TD align=left width="1%" height=22><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width="3%" height=22><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" height=22><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width="13%" height=22><FONT size=2>68,440</FONT></TD>
    <TD align=left width="2%" height=22><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" height=22><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width="13%" height=22><FONT
      face="Times New Roman, Times, Serif" size=2>75,866</FONT></TD>
    <TD align=left width="2%" height=22><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" height=22><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width="12%" height=22><FONT
      face="Times New Roman, Times, Serif" size=2>69,350</FONT></TD>
    <TD align=left width="2%" height=22><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>Work in progress</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT size=2>58,428</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>64,925</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>56,655</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>Finished goods</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT size=2>158,521</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>151,580</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>155,114</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;FIFO inventories</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT size=2>285,389</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>292,371</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>281,119</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=24><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Excess of FIFO over LIFO</FONT></TD>
    <TD align=left height=24><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=24><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=24><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=24><FONT size=2>(20,650</FONT></TD>
    <TD align=left height=24><FONT size=2>)</FONT></TD>
    <TD align=right height=24><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=24><FONT face="Times New Roman, Times, Serif"
      size=2>(16,519</FONT></TD>
    <TD align=left height=24><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD>
    <TD align=right height=24><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=24><FONT face="Times New Roman, Times, Serif"
      size=2>(20,563</FONT></TD>
    <TD align=left height=24><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=22><FONT size=2>264,739</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>275,852</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=22><FONT face="Times New Roman, Times, Serif"
      size=2>260,556</FONT></TD>
    <TD align=left height=22><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=16></TD>
    <TD align=right colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD height=16></TD>
    <TD align=right colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD height=16></TD>
    <TD align=right colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD height=16></TD></TR></TABLE><A name=note_6></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Note 6:
Restructuring </FONT></H1><!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD width="95%"><FONT size=2>In the first quarter of fiscal 2005, the
      decision was made to close three casegoods facilities, an upholstery plant
      and an upholstery warehouse.&nbsp; The casegoods facilities were closed as
      a result of continued underutilization of our domestic casegoods
      facilities due to an increase in our importing of product from
      overseas.&nbsp; The upholstery plant was closed and production was
      absorbed in another upholstery facility resulting in better production
      efficiencies.&nbsp;&nbsp; The casegoods plants were closed in the third
      quarter of fiscal 2005.&nbsp; Approximately 525 jobs were eliminated as a
      result of these closures.&nbsp; During fiscal 2005, pre-tax restructuring
      charges were $10.3 million, or $0.12 per diluted share, covering the
      following:&nbsp; write-down of certain fixed assets, write-down of certain
      inventories, payment of severance and benefits and other costs related to
      the shut down.&nbsp; The restructuring expenses during 2005 were lower
      than we had originally anticipated because </FONT><FONT
      face="Times New Roman, Times, Serif" size=2>our charges to expense were
      offset by the gains on sale of assets in the fourth quarter of fiscal 2005
      previously written down through restructuring.</FONT><FONT
      size=2>&nbsp;&nbsp; The remaining assets relating to the restructurings
      were classified in assets held for sale.&nbsp; We expect to dispose of
      these plants by sale or abandonment if a sale is not practical.&nbsp; The
      write-down was accounted for in accordance with SFAS No. 144,
      <I>Accounting for the Impairment or Disposal of Long-Lived
      Assets.</I>&nbsp; Severance costs and other costs were expensed as
      incurred throughout fiscal 2005 in accordance with SFAS No. 146,
      <I>Accounting for Costs Associated with Exit or Disposal
      Activities.</I>&nbsp; </FONT>
      <P><FONT size=2>At the end of fiscal 2005 we had a reserve for $38,000
      remaining for severance and benefit related costs, which was paid during
      the first quarter of fiscal 2006.</FONT></P></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Default" -->
<p>&nbsp;</p>
<P align=center><FONT size=2>8</FONT></P>
<HR color=black SIZE=2>

<A name=note_7></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Note 7: Segment
Information </FONT></H1><!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>Our reportable operating
segments are the Upholstery Group, the Casegoods Group and the Retail Group.
 We
acquired 21&nbsp; La-Z-Boy Furniture Galleries&reg; stores in
the fourth quarter of fiscal 2005.&nbsp; Combining these recent acquisitions with
existing company-owned stores, the retail operations became a significant part
of our business.&nbsp;&nbsp;&nbsp; Management determined based on the
significance of the retail operations and the criteria of segment reporting as
outlined in <I>SFAS 131 Disclosures about Segments of an Enterprise and Related
Information</I>, that retail will be reported in its own
segment.&nbsp; We have changed our internal reporting structure to the following
three segments:&nbsp;Upholstery, Casegoods and Retail. All quarterly segment
data was restated to reflect this change.&nbsp;&nbsp;&nbsp; </FONT></P><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2><I>Upholstery
Group</I>.&nbsp; The operating units in the Upholstery Group are Bauhaus,
Clayton Marcus, England, La-Z-Boy, La-Z-Boy UK and Sam Moore. This group
primarily manufactures and sells upholstered furniture to furniture retailers.
Upholstered furniture includes recliners and motion furniture, sofas, loveseats,
chairs, ottomans and sleeper sofas. </FONT></P><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2><I>Casegoods Group</I>. The
operating units in the Casegoods Group are American Drew, American of
Martinsville, Hammary, Kincaid, Lea and Pennsylvania House. This group primarily
sells manufactured or imported wood furniture to furniture retailers and the
hospitality industry.&nbsp; Casegoods product includes tables, chairs,
entertainment centers, headboards, dressers, accent pieces and some coordinated
upholstered furniture for the residential and hospitality markets.&nbsp;
</FONT></P><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2><I>Retail Group</I>. The
Retail Group consists of 61 </FONT><FONT size=2>company owned La-Z-Boy Furniture
Galleries&reg; stores.&nbsp; </FONT><FONT face="Times New Roman, Times, Serif"
size=2>The Retail Group </FONT><FONT size=2>sells mostly upholstered furniture
to end consumers through the La-Z-Boy Furniture Galleries&reg; stores retail network
(&#147;the retail network&#148;).&nbsp; </FONT></P><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width=590 border=0>

  <TR vAlign=bottom>
    <TH align=left width=182 colSpan=3 height=50>&nbsp;</TH>
    <TH width=87 colSpan=3 height=50><FONT size=2>First Quarter Ended</FONT>
      <HR align=left width="88%">
    </TH>
    <TH width=315 colSpan=12 height=50><FONT size=2>Quarters Ended in Fiscal
      2005</FONT>
      <HR width="100%">
    </TH>
    <TH width=8 height=50>&nbsp;</TH></TR>
  <TR vAlign=bottom>
    <TH align=left width=182 colSpan=3 height=47><FONT
      face="Times New Roman, Times, Serif" size=1>(<I>Unaudited amounts in
      thousands) </I></FONT></TH>
    <TH align=center width=87 colSpan=3 height=47><FONT
      face="Times New Roman, Times, Serif" size=1>7/30/05<BR>(13 Weeks)</FONT>
      <HR width="75%">
       </TH>
    <TH width=87 colSpan=3 height=47><FONT
      face="Times New Roman, Times, Serif" size=1>7/24/04 <BR>(13 Weeks)</FONT>
      <HR width="75%">
       </TH>
    <TH align=center width=94 colSpan=3 height=47><FONT
      face="Times New Roman, Times, Serif" size=1>10/23/04<BR>(13 Weeks)</FONT>
      <HR width="75%">
       </TH>
    <TH width=87 colSpan=3 height=47><FONT
      face="Times New Roman, Times, Serif" size=1>1/22/05 <BR>(13 Weeks)</FONT>
      <HR width="75%">
       </TH>
    <TH width=87 colSpan=4 height=47><FONT
      face="Times New Roman, Times, Serif" size=1>4/30/05<BR>(14 Weeks)</FONT>
      <HR width="85%">
       </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width=172 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>Sales</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=59 height=19>&nbsp;</TD>
    <TD align=left width=19 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=19>&nbsp;</TD>
    <TD align=left width=17 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=19>&nbsp;</TD>
    <TD align=left width=21 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=19>&nbsp;</TD>
    <TD align=left width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=50 colSpan=2 height=19>&nbsp;</TD>
    <TD align=right width=8 height=19></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=172 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Upholstery
      Group</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=59 height=19><FONT size=2>314,481</FONT></TD>
    <TD align=left width=19 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>316,838</FONT></TD>
    <TD align=left width=17 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>380,726</FONT></TD>
    <TD align=left width=21 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>356,507</FONT></TD>
    <TD align=left width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=61 colSpan=2 height=19><FONT
size=2>413,240</FONT></TD>
    <TD align=right width=8 height=19></TD></TR>
  <TR>
    <TD align=left width=172 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Casegoods
      Group</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=59 height=19><FONT size=2>104,997</FONT></TD>
    <TD align=left width=19 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>105,714</FONT></TD>
    <TD align=left width=17 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>114,169</FONT></TD>
    <TD align=left width=21 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>111,918</FONT></TD>
    <TD align=left width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 colSpan=2 height=19><FONT
size=2>123,542</FONT></TD>
    <TD align=right width=8 height=19></TD></TR>
  <TR>
    <TD align=left width=172 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Retail
    Group</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=59 height=19><FONT size=2>52,655</FONT></TD>
    <TD align=left width=19 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>38,456</FONT></TD>
    <TD align=left width=17 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>40,960</FONT></TD>
    <TD align=left width=21 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>44,298</FONT></TD>
    <TD align=left width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width=61 colSpan=2 height=19><FONT
      size=2>49,385</FONT></TD>
    <TD align=left width=8 height=19 valign="bottom"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=172 height=15><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;VIEs/Eliminations</FONT></TD>
    <TD align=left width=4 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=59 height=15><FONT size=2>(20,646</FONT></TD>
    <TD align=left width=19 height=15><FONT size=2>)</FONT></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=15><FONT size=2>(5,901</FONT></TD>
    <TD align=left width=17 height=15><FONT size=2>)</FONT></TD>
    <TD align=right width=12 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=15><FONT size=2>(15,095</FONT></TD>
    <TD align=left width=21 height=15><FONT size=2>)</FONT></TD>
    <TD align=right width=10 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=15><FONT size=2>(5,764</FONT></TD>
    <TD align=left width=16 height=15><FONT size=2>)</FONT></TD>
    <TD align=right width=12 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 colSpan=2 height=15><FONT
size=2>(20,612</FONT></TD>
    <TD align=left width=8 height=15>
      <P align=left><FONT size=2>)</FONT></P></TD></TR>
  <TR>
    <TD width=182 colSpan=3 height=15></TD>
    <TD align=right width=68 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=19 height=15></TD>
    <TD align=right width=70 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=17 height=15></TD>
    <TD align=right width=73 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=21 height=15></TD>
    <TD align=right width=71 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16 height=15></TD>
    <TD align=right width=73 colSpan=4 height=15>
      <HR color=black noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=172 height=19><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Consolidated</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT size=2>$</FONT></TD>
    <TD align=right width=59 height=19><FONT size=2>451,487</FONT></TD>
    <TD align=left width=19 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>455,107</FONT></TD>
    <TD align=left width=17 height=19>&nbsp;</TD>
    <TD align=right width=12 height=19><FONT size=2>$</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>520,760</FONT></TD>
    <TD align=left width=21 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>506,959</FONT></TD>
    <TD align=left width=16 height=19>&nbsp;</TD>
    <TD align=right width=12 height=19><FONT size=2>$</FONT></TD>
    <TD align=right width=61 colSpan=2 height=19><FONT
      size=2>565,555 </FONT></TD>
    <TD align=right width=8 height=19></TD></TR>
  <TR>
    <TD width=182 colSpan=3 height=16></TD>
    <TD align=right width=68 colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=19 height=16></TD>
    <TD align=right width=70 colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=17 height=16></TD>
    <TD align=right width=73 colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=21 height=16></TD>
    <TD align=right width=71 colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=21 height=16></TD>
    <TD align=right width=73 colSpan=4 height=16>
      <HR color=black noShade SIZE=2>
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=172 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>Operating income
    (loss)</FONT></TD>
    <TD align=left width=4 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=172 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Upholstery
      Group</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$&nbsp;</FONT></TD>
    <TD align=right width=59 height=19><FONT size=2>15,254</FONT></TD>
    <TD align=left width=19 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>13,198</FONT></TD>
    <TD align=left width=17 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>27,475</FONT></TD>
    <TD align=left width=21 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>22,253</FONT></TD>
    <TD align=left width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$&nbsp;</FONT></TD>
    <TD align=right width=61 colSpan=2 height=19><FONT size=2>38,930
      </FONT></TD>
    <TD align=right width=8 height=19></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=172 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Casegoods
      Group</FONT></TD>
    <TD align=left width=4 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=59 height=15><FONT size=2>4,344</FONT></TD>
    <TD align=left width=19 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=15></TD>
    <TD align=right width=61 height=15><FONT size=2>500</FONT></TD>
    <TD align=left width=17 height=15></TD>
    <TD align=right width=12 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=15><FONT size=2>80</FONT></TD>
    <TD align=left width=21 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=10 height=15></TD>
    <TD align=right width=61 height=15><FONT size=2>2,152</FONT></TD>
    <TD align=left width=16 height=15></TD>
    <TD align=right width=12 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 colSpan=2 height=15><FONT size=2>2,638
      </FONT></TD>
    <TD align=left width=8 height=15></TD></TR>
  <TR>
    <TD align=left width=172 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Retail
    Group</FONT></TD>
    <TD align=left width=4 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=59 height=15><FONT size=2>(5,408</FONT></TD>
    <TD align=left width=19 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=15><FONT size=2>515</FONT></TD>
    <TD align=left width=17 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=15><FONT size=2>510</FONT></TD>
    <TD align=left width=21 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=10 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=15><FONT size=2>(183</FONT></TD>
    <TD align=left width=16 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD align=right width=12 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 colSpan=2 height=15><FONT
      size=2>(3,701</FONT></TD>
    <TD align=left width=12 height=15 valign="bottom"><font size="2">)&nbsp;</font></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width=172 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Corporate and
      Other*</FONT></TD>
    <TD align=left width=4 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=59 height=15><FONT size=2>(6,289</FONT></TD>
    <TD align=left width=19 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=15><FONT size=2>(7,867</FONT></TD>
    <TD align=left width=17 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD align=right width=12 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=15><FONT size=2>(12,013</FONT></TD>
    <TD align=left width=21 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD align=right width=10 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 height=15><FONT size=2>(2,236</FONT></TD>
    <TD align=left width=16 height=15><FONT size=2>)</FONT><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=61 colSpan=2 height=15><FONT size=2>(8,306</FONT></TD>
    <TD align=left width=12 height=15><FONT size=2>)</FONT></TD>
    </TR>
  <TR>
    <TD width=182 colSpan=3 height=19><FONT size=2>&nbsp;
    Restructuring</FONT></TD>
    <TD align=right width=68 colSpan=2 height=19>--</TD>
    <TD width=19 height=19>&nbsp;</TD>
    <TD align=right width=70 colSpan=2 height=19><FONT
size=2>(10,400</FONT></TD>
    <TD width=17 height=19><FONT size=2>)</FONT></TD>
    <TD align=right width=73 colSpan=2 height=19><FONT size=2>(749</FONT></TD>
    <TD width=21 height=19><FONT size=2>)</FONT></TD>
    <TD align=right width=71 colSpan=2 height=19><FONT size=2>(2,252</FONT></TD>
    <TD width=16 height=19><FONT size=2>)</FONT></TD>
    <TD align=right width=12 height=19><FONT size=2>&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=bottom align=right width=61 height=19><FONT
    size=2>3,107</FONT></TD>
    <TD vAlign=bottom align=right width=9 colSpan=2 height=19></TD></TR>
  <TR>
    <TD width=182 colSpan=3 height=15></TD>
    <TD align=right width=68 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=19 height=15></TD>
    <TD align=right width=70 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=17 height=15></TD>
    <TD align=right width=73 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=21 height=15></TD>
    <TD align=right width=71 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=16 height=15></TD>
    <TD align=right width=73 colSpan=4 height=15>
      <HR color=black noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=172 height=19><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Consolidated</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=6 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$&nbsp;</FONT></TD>
    <TD align=right width=59 height=19><FONT size=2>7,901</FONT></TD>
    <TD align=left width=19 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>(4,054</FONT></TD>
    <TD align=left width=17 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>)&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>15,303</FONT></TD>
    <TD align=left width=21 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=10 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$&nbsp;</FONT></TD>
    <TD align=right width=61 height=19><FONT size=2>19,734</FONT></TD>
    <TD align=left width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=12 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$&nbsp;</FONT></TD>
    <TD align=right width=61 colSpan=2 height=19><FONT
      size=2>32,668</FONT></TD>
    <TD align=right width=8 height=19></TD></TR>
  <TR>
    <TD width=182 colSpan=3 height=14></TD>
    <TD align=right width=68 colSpan=2 height=14>
      <HR color=black noShade SIZE=2>

      <P>&nbsp;</P></TD>
    <TD width=19 height=14></TD>
    <TD vAlign=top align=right width=70 colSpan=2 height=14>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=17 height=14></TD>
    <TD align=right width=73 colSpan=2 height=14>
      <HR color=black noShade SIZE=2>

      <P>&nbsp;</P></TD>
    <TD width=21 height=14></TD>
    <TD vAlign=top align=right width=71 colSpan=2 height=14>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=16 height=14></TD>
    <TD align=right width=73 colSpan=4 height=14>
      <HR color=black noShade SIZE=2>

      <P>&nbsp;</P></TD></TR></TABLE>
<P><I><FONT size=2>*VIEs are included in corporate and other.</FONT></I></P>
<P><font size="2">The following table is provided to evaluate segment assets for the current
quarter and the end of the year for fiscal 2005.</font> </P>
<TABLE cellSpacing=0 cellPadding=0 width=362 align=left border=0>

  <TR vAlign=bottom>
    <TD align=left width=169 height=17><FONT
      face="Times New Roman, Times, Serif" size=1>(<I>Unaudited amounts in
      thousands) </I></FONT></TD>
    <TD align=left width=4 height=17></TD>
    <TD align=left width=4 height=17></TD>
    <TD align=center width=25 height=17></TD>
    <TD align=center width=56
      height=17></TD>
    <TD align=center width=15 height=17></TD>
    <TD align=center width=19 height=17></TD>
    <TD align=center width=54
      height=17></TD>
    <TD align=center width=16 height=17></TD></TR>
  <tr>
    <TD align=left width=169 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>Assets</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center width=25 height=19>&nbsp;</TD>
    <TD align=center width=56
      height=17><B><FONT face="Times New Roman, Times, Serif"
      size=1>7/30/05</FONT></B></TD>
    <TD align=center width=15 height=17></TD>
    <TD align=center width=19 height=17></TD>
    <TD align=center width=54
      height=17><B><FONT face="Times New Roman, Times, Serif"
      size=1>4/30/05</FONT></B></TD>
    <TD align=center width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </tr>
  <TR vAlign=bottom>
    <TD align=left width=169 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Upholstery
      Group</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center width=25 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: 1px solid" align=right width=56 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>554,568</FONT></TD>
    <TD align=center width=15 height=19>&nbsp;</TD>
    <TD align=center width=19 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: 1px solid" align=right width=54 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>583,949</FONT></TD>
    <TD align=center width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=169 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Casegoods
      Group</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center width=25 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=56 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>228,520</FONT></TD>
    <TD align=center width=15 height=19>&nbsp;</TD>
    <TD align=center width=19 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=54 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>230,748</FONT></TD>
    <TD align=center width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left width=169 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp; Retail Group</FONT></TD>
    <TD align=left width=4 height=19>&nbsp;</TD>
    <TD align=left width=4 height=19>&nbsp;</TD>
    <TD align=center width=25 height=19>&nbsp;</TD>
    <TD align=right width=56 height=19><FONT size=2>101,135</FONT></TD>
    <TD align=center width=15 height=19>&nbsp;</TD>
    <TD align=center width=19 height=19>&nbsp;</TD>
    <TD align=right width=54 height=19><FONT size=2>97,805</FONT></TD>
    <TD align=center width=16 height=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=169 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Unallocated
      assets*</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center width=25 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=56 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>96,272</FONT></TD>
    <TD align=center width=15 height=19>&nbsp;</TD>
    <TD align=center width=19 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=54 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>113,855</FONT></TD>
    <TD align=center width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left width=177 colSpan=3 height=19></TD>
    <TD align=center width=81 colSpan=2 height=19>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD align=center width=15 height=19>&nbsp;</TD>
    <TD align=center width=73 colSpan=2 height=19>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD align=center width=16 height=19></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=169 height=19><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Consolidated</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=4 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center width=25 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=56 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>980,495</FONT></TD>
    <TD align=center width=15 height=19>&nbsp;</TD>
    <TD align=center width=19 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=center width=54 height=19>
      <P align=right><FONT face="Times New Roman, Times, Serif"
      size=2>1,026,357</FONT></P></TD>
    <TD align=center width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left width=177 colSpan=3 height=19></TD>
    <TD align=center width=81 colSpan=2 height=19>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD align=center width=15 height=19>&nbsp;</TD>
    <TD align=center width=73 colSpan=2 height=19>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD align=center width=16 height=19></TD></TR></TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><I><FONT size=2>*The unallocated assets includes mainly the corporate assets
and eliminations.&nbsp; </FONT></I></P>
<P align=center><FONT size=2>9</FONT></P>
<HR color=black SIZE=2>

<P style="PAGE-BREAK-AFTER: always"></P><A name=note_8></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Note 8:
Goodwill and Other Intangible Assets </FONT></H1><!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>In accordance with SFAS No. 142, trade names are tested at least annually for impairment by
comparing their fair value to their carrying values. The fair value for each
trade name is established based upon a royalty savings approach. Additionally,
goodwill is tested for impairment by comparing the fair value of our operating
units to their carrying values. The fair value for each operating unit is
established based upon a combination of the discounted cash flows and the
projected profitability of the market in which the entity operates.</FONT></P>
<P><FONT face="Times New Roman" size=2>In the fourth quarter of fiscal 2005, we
acquired several La-Z-Boy Furniture Galleries&reg; stores that were independently
owned.&nbsp; Relating to these acquisitions, we recorded goodwill of $11.3
million in fiscal 2005.&nbsp;&nbsp; Additionally, in the fourth quarter of
fiscal 2005, we completed a valuation of the tax reserves relating to an
acquisition in fiscal 2000.&nbsp; Due to the resolution of certain open tax
items relating to the acquisition, a reduction of the tax reserves was required
during fiscal 2005.&nbsp; These reductions in the tax reserves were recorded as
a reduction in the remaining acquired intangible assets, which consisted of
trade names and totaled $6.4 million.&nbsp; Furthermore, in the fourth quarter
of fiscal 2005, the annual evaluation of goodwill and trade names was
performed.&nbsp; We determined that goodwill and trade names are not impaired as
of the end&nbsp;of fiscal 2005.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>At the end of the first
quarter of fiscal 2006, we began consolidating a new variable interest entity
that had goodwill of $0.4 million.&nbsp; </FONT></P><!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>The following table
summarizes goodwill and trade names in the first quarter of fiscal 2006, first
quarter of fiscal 2005 and the fourth quarter of fiscal 2005: </FONT></P>
<TABLE
 cellSpacing=0 cellPadding=0 width=662 border=0>

  <TR vAlign=bottom>
    <TH align=left width=362 colSpan=3
    height=18></TH>
    <TH
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=center width=468 colSpan=8 height=18>
      <DIV
    style="PADDING-BOTTOM: 1px; BORDER-BOTTOM: 1px solid">Goodwill</DIV></TH>
    <TH
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=center width=42 height=18></TH>
    <TH
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=410 colSpan=8 height=18>
      <DIV
    style="PADDING-BOTTOM: 1px; BORDER-BOTTOM: 1px solid">Tradenames</DIV></TH>
    <TH
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=27 height=18></TH></TR>
  <TR vAlign=bottom>
    <TH align=left width=362 colSpan=3 height=36><FONT
      face="Times New Roman, Times, Serif" size=1>(<I>Unaudited amounts in
      thousands) </I></FONT></TH>
    <TH align=center width=165 colSpan=3
    height=36><FONT face="Times New Roman, Times, Serif" size=1>7/30/05</FONT>
      <HR align=left width="75%">
       </TH>
    <TH style="BORDER-TOP: medium none" width=166 colSpan=3 height=36><FONT
      face="Times New Roman, Times, Serif" size=1>7/24/04 </FONT>
      <HR align=left width="75%">
    </TH>
    <TH align=center width=179 colSpan=3
    height=36><FONT face="Times New Roman, Times, Serif" size=1>4/30/05</FONT>
      <HR align=left width="75%">
       </TH>
    <TH style="BORDER-TOP: medium none" width=153 colSpan=3 height=36><FONT
      face="Times New Roman, Times, Serif" size=1>7/30/05</FONT>
      <HR align=left width="75%">
       </TH>
    <TH align=center width=144 colSpan=3
    height=36><FONT face="Times New Roman, Times, Serif" size=1>7/24/04</FONT>
      <HR align=left width="75%">
       </TH>
    <TH style="BORDER-TOP: medium none" width=140 colSpan=3 height=36><FONT
      face="Times New Roman, Times, Serif" size=1>4/30/05</FONT>
      <HR align=left width="75%">
       </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width=338 height=1></TD>
    <TD align=left width=8 height=1><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width=16 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=1></TD>
    <TD align=left width=49 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=1></TD>
    <TD align=left width=50 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=1></TD>
    <TD align=left width=63 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=7 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=94 height=1></TD>
    <TD align=left width=52 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=20 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=108 height=1></TD>
    <TD align=left width=36 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=35 height=1><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=97 height=1></TD>
    <TD align=left width=8 height=1><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=338 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Upholstery
      Group</FONT></TD>
    <TD align=left width=8 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=16 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=107 height=16><FONT size=2>49,654</FONT></TD>
    <TD align=left width=49 height=16></TD>
    <TD align=right width=9 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=107 height=16><FONT size=2>49,736</FONT></TD>
    <TD align=left width=50 height=16></TD>
    <TD align=right width=9 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=107 height=16><FONT size=2>49,654</FONT></TD>
    <TD align=left width=63 height=16></TD>
    <TD align=right width=7 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=94 height=16><FONT size=2>7,165</FONT></TD>
    <TD align=left width=52 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=20 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=66 height=16><FONT size=2>8,690</FONT></TD>
    <TD align=left width=36 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=35 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=97 height=16><FONT size=2>7,165</FONT></TD>
    <TD align=left width=8 height=16><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left width=338 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Casegoods
      Group</FONT></TD>
    <TD align=left width=8 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=16 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=15><FONT size=2>--</FONT></TD>
    <TD align=left width=49 height=15></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=15><FONT size=2>--</FONT></TD>
    <TD align=left width=50 height=15></TD>
    <TD align=right width=9 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=15><FONT size=2>--</FONT></TD>
    <TD align=left width=63 height=15></TD>
    <TD align=right width=7 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=94 height=15><FONT size=2>14,319</FONT></TD>
    <TD align=left width=52 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=20 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=66 height=15><FONT size=2>19,199</FONT></TD>
    <TD align=left width=36 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=35 height=15><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=97 height=15><FONT size=2>14,319</FONT></TD>
    <TD align=left width=8 height=15></TD></TR>
  <TR>
    <TD align=left width=338 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Retail
    Group</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=16 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=19><FONT size=2>21,994</FONT></TD>
    <TD align=left width=49 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=19><FONT size=2>10,666</FONT></TD>
    <TD align=left width=50 height=19>&nbsp;</TD>
    <TD align=right width=9 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=19><FONT size=2>21,994</FONT></TD>
    <TD align=left width=63 height=19>&nbsp;</TD>
    <TD align=right width=7 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=94 height=19><FONT size=2>--</FONT></TD>
    <TD align=left width=52 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=20 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=66 height=19><FONT size=2>--</FONT></TD>
    <TD align=left width=36 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=35 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=97 height=19><FONT size=2>--</FONT></TD>
    <TD align=left width=8 height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=338 height=14><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Corporate and
      Other</FONT></TD>
    <TD align=left width=8 height=14><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=16 height=14><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=14><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=14><FONT size=2>8,122</FONT></TD>
    <TD align=left width=49 height=14></TD>
    <TD align=right width=9 height=14><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=14><FONT size=2>7,714</FONT></TD>
    <TD align=left width=50 height=14></TD>
    <TD align=right width=9 height=14><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=107 height=14><FONT size=2>7,714</FONT></TD>
    <TD align=left width=63 height=14></TD>
    <TD align=right width=7 height=14><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=94 height=14><FONT size=2>--</FONT></TD>
    <TD align=left width=52 height=14></TD>
    <TD align=right width=20 height=14><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=66 height=14><FONT size=2>--</FONT></TD>
    <TD align=left width=36 height=14></TD>
    <TD align=right width=35 height=14><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=97 height=14><FONT size=2>--</FONT></TD>
    <TD align=left width=8 height=14></TD></TR>
  <TR>
    <TD width=362 colSpan=3 height=15></TD>
    <TD align=right width=116 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=49 height=15></TD>
    <TD align=right width=116 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=50 height=15></TD>
    <TD align=right width=116 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=63 height=15></TD>
    <TD align=right width=101 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=52 height=15></TD>
    <TD align=right width=128 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=36 height=15></TD>
    <TD align=right width=132 colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width=8 height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width=338 height=20><FONT
      face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Consolidated</FONT></TD>
    <TD align=left width=8 height=20><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width=16 height=20><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width=9 height=20><FONT size=2>$</FONT></TD>
    <TD align=right width=107 height=20><FONT size=2>79,770</FONT></TD>
    <TD align=left width=49 height=20>&nbsp;</TD>
    <TD align=right width=9 height=20><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=107 height=20><FONT size=2>68,116</FONT></TD>
    <TD align=left width=50 height=20>&nbsp;</TD>
    <TD align=right width=9 height=20><FONT size=2>$</FONT></TD>
    <TD align=right width=107 height=20><FONT size=2>79,362</FONT></TD>
    <TD align=left width=63 height=20>&nbsp;</TD>
    <TD align=right width=7 height=20><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=94 height=20><FONT size=2>21,484</FONT></TD>
    <TD align=left width=52 height=20>&nbsp;</TD>
    <TD align=right width=20 height=20><FONT size=2>$</FONT></TD>
    <TD align=right width=66 height=20><FONT size=2>27,889</FONT></TD>
    <TD align=left width=36 height=20>&nbsp;</TD>
    <TD align=right width=35 height=20><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width=97 height=20><FONT size=2>21,484</FONT></TD>
    <TD align=left width=8 height=20>&nbsp;</TD></TR>
  <TR>
    <TD width=362 colSpan=3 height=19></TD>
    <TD align=right width=116 colSpan=2 height=19>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=49 height=19>&nbsp;</TD>
    <TD align=right width=116 colSpan=2 height=19>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=50 height=19>&nbsp;</TD>
    <TD align=right width=116 colSpan=2 height=19>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=63 height=19>&nbsp;</TD>
    <TD align=right width=101 colSpan=2 height=19>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=52 height=19>&nbsp;</TD>
    <TD align=right width=128 colSpan=2 height=19>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=36 height=19>&nbsp;</TD>
    <TD align=right width=132 colSpan=2 height=19>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width=8 height=19>&nbsp;</TD></TR></TABLE><A name=note_9></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Note 9: Stock
Plans </FONT></H1><!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>We account for our
stock-based compensation plans using the intrinsic value method of recognition
and measurement principles under APB Opinion No. 25, <I>Accounting for Stock
Issued to Employees</I>, and related interpretations.&nbsp; We adopted the
disclosure-only provisions of SFAS No. 123, <I>Accounting for Stock-Based
Compensation,</I> and SFAS No. 148, <I>Accounting for Stock-Based
Compensation&#150;Transition and Disclosure</I>.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Assuming that we had
accounted for our stock-based compensation programs using the fair value method
promulgated by SFAS No. 123, pro forma net income and net income per share would
have been as follows: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="85%" align=center border=0>

  <TR vAlign=bottom>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif" size=1></FONT></TH>
    <TH colSpan=6><FONT face="Times New Roman, Times, Serif" size=1>First
      Quarter Ended</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TH align=left colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1><I>(Unaudited, amounts in thousands, except per share
      data)</I></FONT></TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1>7/30/05</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1>7/24/04</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="67%"><FONT face="Times New Roman, Times, Serif"
      size=2>Net income (loss)</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="3%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT size=2>3,208</FONT></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT face="Times New Roman, Times, Serif"
      size=2>(3,523</FONT></TD>
    <TD align=left width="5%"><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Fair
      value of stock plan</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(587</FONT></TD>
    <TD align=left><FONT size=2>)</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>(461</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
    size=2>)</FONT></TD></TR>
  <TR>
    <TD colSpan=3></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Proforma
      net income (loss)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><FONT size=2>2,621</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>(3,984</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Proforma
      basic net income (loss) per share</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><FONT size=2>0.05</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>(0.08</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Proforma
      diluted net income (loss) per share</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><FONT size=2>0.05</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>(0.08</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD></TR></TABLE><!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<P align=center><FONT size=2>10</FONT></P>
<HR color=black SIZE=2>
<A name=note_10></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Note 10:
Financial Guarantees and Product Warranties </FONT></H1><!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" --><!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>We have provided secured
and unsecured financial guarantees relating to loans and leases in connection
with certain La-Z-Boy Furniture Galleries&reg; stores, which are not operated by the
company.&nbsp; Loan guarantees are generally for real estate mortgages with a
guarantee period of not more than five years.&nbsp; Lease guarantees are
generally for real estate leases and have terms lasting up to five years. These
loan and lease guarantees enhance the credit of these dealers. The dealer is
required to make periodic fee payments to compensate us for our guarantees. We
have recognized liabilities for the fair values of the loan and lease agreements
that we have entered into since December 31, 2002, but they are not material to
our financial position. </FONT></P><!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>We would be required to
perform under these agreements only if the dealer were to default on the loan or
lease. The maximum amounts of potential future payments under loan guarantees
and lease guarantees were $1.7 million and $6.6 million, respectively, as of
July 30, 2005. Should a default occur on a collateralized loan, we expect the
liquidation of the collateral would cover substantially all of the maximum
amount of our potential future payments under our guarantee obligation.
</FONT></P><!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>We have, from time to time,
entered into agreements which resulted in indemnifying third parties against
certain liabilities, mainly environmental. We believe that judgments, if any,
against us related to such agreements would not have a material effect on our
business or financial condition. </FONT></P><!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>Our accounting policy for
product warranties is to accrue an estimated liability at the time the revenue
is recognized. This estimate is based on historical claims and adjusted for
currently known warranty issues. </FONT></P><!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>A reconciliation of the
changes in our product warranty liability is as follows: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="85%" align=center border=0>

  <TR vAlign=bottom>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif" size=1></FONT></TH>
    <TH colSpan=6><FONT face="Times New Roman, Times, Serif" size=1>First
      Quarter Ended</FONT>
      <HR align=left width="95%" color=black SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TH align=left colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1><I>(Unaudited, amounts in thousands)</I></FONT></TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1>7/30/05</FONT>
      <HR align=left width="75%" color=black SIZE=1>
    </TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1>7/24/04</FONT>
      <HR align=left width="85%" color=black SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="64%"><FONT face="Times New Roman, Times, Serif"
      size=2>Balance as of the beginning of the period</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="3%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width="11%"><FONT size=2>18,688</FONT></TD>
    <TD align=left width="6%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width="11%"><FONT face="Times New Roman, Times, Serif"
      size=2>19,527</FONT></TD>
    <TD align=left width="6%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Accruals
      during the period</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>3,721</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>4,278</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>Settlements during the period</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(3,159</FONT></TD>
    <TD align=left>)</TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>(4,120</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
    size=2>)</FONT></TD></TR>
  <TR>
    <TD colSpan=3></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Balance
      as of the end of the period</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>$</FONT></TD>
    <TD align=right><FONT size=2>19,250</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>19,685</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD></TD></TR></TABLE><A name=note_11></A><!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P align=center><FONT size=2>11</FONT></P>
<HR color=black SIZE=2>
<P align=left><B><FONT face="Times New Roman, Times, Serif" size=2>Note 11:
Variable Interest Entities </FONT></B></P><!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>Financial Accounting
Standards Board Interpretation No. 46R, <I>Consolidation of Variable Interest
Entities</I> ("FIN 46"), which was issued in December 2003, requires the
"primary beneficiary" of a VIE to include the VIE's assets, liabilities and
operating results in its consolidated financial statements. &nbsp; In general, a
VIE is a company, partnership, limited-liability corporation, trust or any other
legal structure used to conduct activities or hold assets that either (a) has an
insufficient amount of equity to carry out its principal activities without
additional subordinated financial support, (b) has a group of equity owners that
are unable to make significant decisions about its activities, or (c) has a
group of equity owners that do not have the obligation to absorb losses or the
right to receive returns generated by its operations.</FONT></P>
<P style="MARGIN-TOP: 0px"><FONT face="Times New Roman, Times, Serif"
size=2>La-Z-Boy Furniture Galleries&reg; stores that are not operated by us are
operated by independent dealers. These stores sell La-Z-Boy manufactured product
as well as various accessories purchased from approved La-Z-Boy vendors.&nbsp;
In some cases we have extended credit beyond normal trade terms to the
independent dealers, made direct loans and/or guaranteed certain loans or
leases.&nbsp; Most of these independent dealers have sufficient equity to carry
out their principal operating activities without subordinated financial
support.&nbsp; However, there are certain independent dealers that we have
determined may not have sufficient equity.&nbsp; Based on the criteria for
consolidation of VIEs, we determined that, as of April 24, 2004, several dealers
were VIEs of which, under FIN 46, we were deemed the primary beneficiary.&nbsp;
In fiscal 2005, we disposed of some of our VIEs by acquisition or by finding a
new independent dealer with sufficient equity to own and operate that market
of&nbsp; La-Z-Boy Furniture Galleries&reg; stores.&nbsp;&nbsp; We became the primary
beneficiary of one of our dealers at the end of the first quarter of fiscal 2006
due to a change in financial structure of the dealer.&nbsp;&nbsp; </FONT></P>
<P style="MARGIN-TOP: 0px"><FONT face="Times New Roman, Times, Serif"
size=2>Additionally, there are certain independent dealers that qualify as VIEs;
however, we are not the primary beneficiary.&nbsp; Our interest in these dealers
is comprised of accounts and notes receivable of $18.8 million.&nbsp; In prior
years, we have evaluated the collectibility of our trade accounts receivable
from our independent dealers and have provided an appropriate reserve relating
to the collectibility of our receivables with these dealers or the contingent
payout under any guarantees.&nbsp; Since some of our VIEs have either negative
or no equity in their business, we are required to absorb their losses in our
consolidated statement of operations.&nbsp;&nbsp;&nbsp; Our consolidated VIEs
recognized $8.6 and $13.6 million in sales, net of intercompany eliminations,
during the first quarter of fiscal 2006 and fiscal 2005,
respectively.&nbsp;&nbsp; We also had a net loss per diluted share of $0.02 and
$0.04 during the first quarter of fiscal 2006 and fiscal 2005, respectively,
resulting from operating results of our consolidated VIEs.&nbsp; The VIEs had
$11.2 and $3.9 million of net assets after eliminations of intercompany activity
at the end of first quarter for&nbsp; fiscal 2006 and fiscal 2005,
respectively.&nbsp;</FONT></P><!-- MARKER PAGE="sheet: 2; page: 2" --><!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" --><A
name=pensionplans></A>
<P><FONT face="Times New Roman" size=2><B>Note 12: Pension Plans</B><BR><BR>The
net periodic pension costs were as follows:</FONT>
<P><BR>
<TABLE cellSpacing=0 cellPadding=0 width=50% align=center >
  <TR vAlign=bottom>
    <TH align=left colSpan=3 height=19>&nbsp;</TH>
    <TH colSpan=6 height=19>
      <DIV><FONT
      size=2>First Quarter Ended</FONT></DIV></TH></TR>
  <TR vAlign=bottom>
    <TH align=left colSpan=3 height=27><FONT
      face="Times New Roman, Times, Serif" size=1><I>(Unaudited, amounts in
      thousands)</I></FONT></TH>
    <TH colSpan=3 height=27><FONT face="Times New Roman, Times, Serif"
      size=1>7/30/05</FONT>
      <HR width="90%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 height=27><FONT face="Times New Roman, Times, Serif"
      size=1>7/24/04</FONT>
      <HR width="90%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="60%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>Service cost</FONT></TD>
    <TD align=left width="1%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width="4%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width="12%" height=19><FONT size=2>815</FONT></TD>
    <TD align=left width="7%" height=19>&nbsp;</TD>
    <TD align=right width="1%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width="12%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>751</FONT></TD>
    <TD align=left width="7%" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>Interest cost</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT size=2>1,221</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>1,150</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=18><FONT face="Times New Roman, Times, Serif"
      size=2>Expected return on plan assets</FONT></TD>
    <TD align=left height=18><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=18><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=18><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=18><FONT size=2>(1,624</FONT></TD>
    <TD align=left height=18><FONT size=2>)</FONT></TD>
    <TD align=right height=18><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=18><FONT face="Times New Roman, Times, Serif"
      size=2>(1,585</FONT></TD>
    <TD align=left height=18><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>Net amortization and deferral</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15><FONT size=2>293</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15><FONT face="Times New Roman, Times, Serif"
      size=2>66</FONT></TD>
    <TD align=left height=15><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD>
    <TD align=right colSpan=2 height=15>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD height=15></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic pension
      cost</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=19><FONT size=2>705</FONT></TD>
    <TD align=left height=19>&nbsp;</TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right height=19><FONT face="Times New Roman, Times, Serif"
      size=2>382</FONT></TD>
    <TD align=left height=19><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=16></TD>
    <TD align=right colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD height=16></TD>
    <TD align=right colSpan=2 height=16>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD height=16></TD></TR></TABLE><BR><FONT size=2>We are not required to
make any contributions to the defined benefit plans in fiscal year 2006, however
we reserve the right to make discretionary contributions.</FONT>
<P><B><FONT face="Times New Roman, Times, Serif" size=2>Note 13:
Dispositions</FONT></B></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>On April 29, 2005, we
completed the sale of our La-Z-Boy Contract operating unit for $11.0 million in
cash and a note for $0.7 million.&nbsp; This disposition qualified for
discontinued operations treatment. &nbsp;Accordingly, the consolidated statement
of operations for the prior year first quarter has been reclassified to reflect
the results of operations of this divested business as a discontinued
operation.&nbsp; La-Z-Boy Contract had $11.2 million in sales in the first
quarter of fiscal 2005.&nbsp; The assets and liabilities of this operating unit
have not been reclassified for fiscal 2005.&nbsp; In the consolidated statement
of cash flows, the cash flows of discontinued operations were not reclassified
for the first quarter of fiscal 2005. </FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR color=black noShade SIZE=2>

<b>ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
</b>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our management&#146;s discussion and
analysis is an integral part of understanding our financial results<I>. </I>This
<B>Management&#146;s Discussion and Analysis</B> should be read in conjunction with the
Consolidated Financial Statements and related Notes to Consolidated Financial Statements.
We begin the Management&#146;s Discussion and Analysis with a cautionary statement
concerning forward-looking statements, followed by an introduction of La-Z-Boy
Incorporated&#146;s key businesses, strategies and significant operational events in
fiscal 2006. We then provide a discussion on our results of operations, liquidity and
capital resources, and quantitative and qualitative disclosures about market risk. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Cautionary Statement
Concerning Forward-Looking Statements </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We are making forward-looking
statements in this item. Generally, forward-looking statements include information
concerning possible or assumed future actions, events or results of operations. More
specifically, forward-looking statements include the information in this document
regarding: </FONT></P>

         <div align="center">
           <center>
           <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" width="75%" id="AutoNumber1">
             <tr>
               <td width="50%">
               <font face="Times New Roman, Times, Serif" size="2">future
               income, margins and cash flows</font></td>
               <td width="50%">
               <font face="Times New Roman, Times, Serif" size="2">future
               economic performance</font></td>
             </tr>
             <tr>
               <td width="50%">
               <font face="Times New Roman, Times, Serif" size="2">future growth</font></td>
               <td width="50%">
               <font face="Times New Roman, Times, Serif" size="2">industry and
               importing trends</font></td>
             </tr>
             <tr>
               <td width="50%">
               <font face="Times New Roman, Times, Serif" size="2">adequacy and
               cost of financial resources</font></td>
               <td width="50%">
               <font face="Times New Roman, Times, Serif" size="2">management
               plans</font></td>
             </tr>
           </table>
           </center>
</div>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Forward-looking statements also
include those preceded or followed by the words &#147;anticipates,&#148;
&#147;believes,&#148; &#147;estimates,&#148; &#147;hopes,&#148; &#147;plans,&#148;
&#147;intends&#148; and &#147;expects&#148; or similar expressions. With respect to all
forward-looking statements, we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Actual
results could differ materially from those anticipated or projected due to a number of
factors. These factors include, but are not limited to: (a) changes in consumer
confidence; (b) changes in demographics; (c) changes in housing sales; (d) the impact of
terrorism or war; (e) energy price changes; (f) the impact of logistics on imports; (g)
the impact of interest rate changes; (h) the potential disruptions from Chinese imports;
(i) inventory supply price fluctuations; (j) the impact of imports as it relates
to continued domestic production; (k) changes in currency rates; (l) competitive
factors; (m) operating factors, such as supply, labor, or distribution
disruptions including changes in operating conditions or costs; (n) effects of
restructuring actions; (o) changes in the domestic or international regulatory
environment; (p) not fully realizing cost reductions through restructurings; (q)
ability to implement global sourcing organization strategies; (r) the impact of
new manufacturing technologies; (s) the future financial performance and
condition of independently operated dealers that we are required to consolidate
into our financial statements or changes requiring us to consolidate additional
independently operated dealers; (t) fair value changes to our intangible assets
due to actual results differing from projected; (u) the impact of adopting new
accounting principles; (v) the impact from severe weather such as hurricanes and
tornadoes; (w) the impact of consolidating, acquiring or disposing of a variable
interest entity; and (x) factors relating to acquisitions and other factors
identified from time to time in our reports filed with the Securities and
Exchange Commission. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR color=black noShade SIZE=2>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Introduction </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our La-Z-Boy brand is the top brand
in the furniture industry and one of the preferred brands in the home. Additionally, La-Z-Boy is
the world&#146;s leading marketer and manufacturer of upholstered residential furniture
and the leading global producer of reclining chairs. La-Z-Boy sells furniture primarily to
general dealers and through the La-Z-Boy Furniture Galleries store network (&#147;the
network&#148;), which are stores dedicated to selling La-Z-Boy products. The network is
the industry&#146;s largest single upholstery source furniture retailer in North America.
We own 61 stores of the 336 stores in the network. These stores combine the style, comfort
and quality of La-Z-Boy furniture with a design center to help the customer furnish
certain rooms in their home. In addition to manufacturing and selling upholstered
furniture, some of La-Z-Boy&#146;s operating units sell domestically manufactured or
imported casegoods (wood) furniture products. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the fourth quarter of fiscal
2005 we acquired 21 La-Z-Boy Furniture Galleries&reg; stores from our independent dealers
in the Chicago, Pittsburgh, and Connecticut markets who were unable to meet our strategic
initiatives for expansion, relocation or conversion. These acquisitions significantly
increased the size of our retail operations. Based on the increased size of our retail
operations and the criteria of segment reporting as outlined in SFAS 131 <I>Disclosures
about Segments of an Enterprise and Related Information,</I> management has changed our
internal reporting structure from two segments (Upholstery and Casegoods) to three
segments (Upholstery, Casegoods, and Retail). Below is a chart that shows the
organizational structure of La-Z-Boy&#146;s three segments. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<IMG SRC="compchart.gif" ALIGN="MIDDLE" width="659" height="284">

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In terms of revenue, our largest
segment is the Upholstery Group, which includes La-Z-Boy, our largest operating unit.
Currently, we are focused on importing cut and sewn kits for fabric/cloth to compliment
our leather kits that will take full advantage of both the cost opportunities presented in
Asia and the speed to market advantages of a United States manufacturing base. The
Upholstery group sells furniture mainly to general dealers, La-Z-Boy Furniture
Galleries&reg; stores and department stores. The quarterly results for the Upholstery
segment were restated for the prior year to exclude company-owned retail operations that
are now reflected in the Retail Group. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our Casegoods Group continues to make
progress in quarterly improvements in operating margin. By the end of fiscal 2006, we
expect to be transitioned to an importer, blended with some domestic manufacturing, so
that approximately 75% of our residential casegoods finished goods will be imported. For
the first quarter of fiscal 2006, 63% of our residential casegoods finished goods were
imported, compared to 50% imported during the first quarter of fiscal 2005. The
Pennsylvania House operating unit made significant strides in operating profit during the
first quarter of fiscal 2006. However, Pennsylvania House is still transitioning to the
import model. Once the transition is complete we will be able to take advantage of our
several established casegood brand names and our wide distribution network, with more
competitively priced, quality import products. In fiscal 2005, we continued to rationalize
our casegoods manufacturing capacities as we closed our two Pennsylvania House facilities
and a Kincaid facility in Hudson, NC. With the continuing change in worldwide supply, we
were no longer competitive manufacturing certain products domestically and it became
necessary to close these plants. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Retail Group consists of
company-owned La-Z-Boy Furniture Galleries&reg; stores in nine markets ranging from the
Midwest to East Coast of the United States. This group includes 21 new stores in three
markets which we acquired during the fourth quarter of fiscal 2005. In two of those
markets, the stores were previously consolidated as VIE&#146;s and were incurring
significant operating losses. In the next few quarters, we plan to take the following
actions to grow sales and improve the operating results for the Retail Group as well as
take advantage of certain synergies between the company-owned markets: </FONT></P>


<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=644><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We will
relocate, convert or add stores to our New Generation format stores which are
more productive. </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=644><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We are in the process of centralizing certain of our advertising, marketing and
warehousing functions to gain better efficiencies. </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=644><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We plan on
consolidating information systems and eliminating duplicative processes in
future quarters. </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=644><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We will continue
to expand our In Home Design Services, which has increased the average sale per
customer where employed. </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=644><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We have recently
launched an interactive website for the entire network of La-Z-Boy Furniture
Galleries&reg; stores with benchmarks
and best practices in every facet of the retail furniture business to drive growth and
profitability. </FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We believe that acquiring stores will
generate the long term benefit of driving top-line growth as we capitalize on the larger
urban markets. We expect to grow sales in this group through converting to New Generation
stores, relocating some of the stores to better locations and opening new stores. With the
further penetration in these markets we expect to gain necessary efficiencies in
advertising, distribution and administration to achieve desired profitability. Currently,
21 of our company-owned stores are in the New Generation format. Through these actions we
remain optimistic about the future performance of this new segment. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
<HR color=black noShade SIZE=2>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the end of fiscal 2004, a new
accounting pronouncement (Financial Accounting Standards Board Interpretation No. 46R)
required us to start consolidating a few of our independent dealers who did not have
sufficient equity to carry out their principal business activities without our financial
support. One of our independent dealers had a change in financial structure this quarter,
which made us the primary beneficiary and required consolidation. The new VIE currently
has three stores but is also planning to expand operations in one of our top 25 focus
markets in North America. The chart below shows the current structure of the La-Z-Boy
Furniture Galleries&reg; store network. </FONT></P>

<IMG SRC="furngall.gif" ALIGN="MIDDLE" width="659" height="354">

<BR>
<BR>
<BR>
<h1 align="left"><font face="Times New Roman, Times, Serif" size="3">Results of
Operations<br>
Analysis of Operations:&nbsp; Quarter Ended July 30, 2005</font><br>

<font face="Times New Roman, Times, Serif" size="2">(First Quarter 2006 compared
with 2005)</font><br>
&nbsp;</h1>



<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN="3" ALIGN="Left" height="39"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><i>(Unaudited,
     amounts in thousands, except per share amounts)</i></FONT></TH>
     <TH COLSPAN=6 height="39"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><BR>
     Quarter ended</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3 height="39"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Percent<BR>
     change</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     </TR>

<TR VALIGN=Bottom>
     <TH COLSPAN="3" ALIGN="Left" height="39"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><i> &nbsp;</i></FONT></TH>
     <TH COLSPAN=3 height="39"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><BR>
     7/30/05</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3 height="39"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><BR>
     7/24/04</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3 height="39"><FONT FACE="Times New Roman, Times, Serif" SIZE=1> <BR>
      </FONT> </TH>
     </TR>



<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="LEFT" HEIGHT="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Upholstery
     sales</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT" HEIGHT="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT" HEIGHT="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="RIGHT" HEIGHT="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD WIDTH="12%" ALIGN="RIGHT" HEIGHT="15">
     <font face="Times New Roman, Times, Serif" size="2">314,481</font></TD>
        <TD WIDTH="5%" ALIGN="LEFT" HEIGHT="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="RIGHT" HEIGHT="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD WIDTH="12%" ALIGN="RIGHT" HEIGHT="15">
     <font face="Times New Roman, Times, Serif" size="2">316,838</font></TD>
        <TD WIDTH="5%" ALIGN="LEFT" HEIGHT="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="RIGHT" HEIGHT="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="12%" ALIGN="RIGHT" HEIGHT="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     -0.7%</FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT" HEIGHT="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Casegoods
     sales</FONT></TD><TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT height="15">
     <font face="Times New Roman, Times, Serif" size="2">104,997</font></TD>
        <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT height="15">
     <font face="Times New Roman, Times, Serif" size="2">105,714</font></TD>
        <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.7%</FONT></TD>
        <TD ALIGN="LEFT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<tr>
     <TD ALIGN=LEFT bgcolor="#FFFFFF" height="19">
     <font face="Times New Roman, Times, Serif" size="2">Retail sales</font></TD>
     <TD ALIGN=LEFT bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN=LEFT bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="RIGHT" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN=RIGHT bgcolor="#FFFFFF" height="19">
     <font face="Times New Roman, Times, Serif" size="2">52,655</font></TD>
        <TD ALIGN=LEFT bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="RIGHT" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN=RIGHT bgcolor="#FFFFFF" height="19">
     <font face="Times New Roman, Times, Serif" size="2">38,456</font></TD>
        <TD ALIGN=LEFT bgcolor="#FFFFFF" height="19">
        &nbsp;</TD>
     <TD ALIGN="RIGHT" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="RIGHT" bgcolor="#FFFFFF" height="19">
     <font face="Times New Roman, Times, Serif" size="2">36.9%</font></TD>
        <TD ALIGN="LEFT" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
</tr>
<TR VALIGN="Bottom" BGCOLOR="Aqua">
     <TD ALIGN=LEFT bgcolor="#FFFFFF" height="19">
     <font face="Times New Roman, Times, Serif" size="2">VIEs/eliminations</font></TD>
     <TD ALIGN=LEFT bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN=LEFT bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="RIGHT" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN=RIGHT bgcolor="#FFFFFF" height="19">
     <font face="Times New Roman, Times, Serif" size="2">(20,646</font></TD>
        <TD ALIGN=LEFT bgcolor="#FFFFFF" height="19"><font size="2">)</font></TD>
     <TD ALIGN="RIGHT" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN=RIGHT bgcolor="#FFFFFF" height="19">
     <font face="Times New Roman, Times, Serif" size="2">(5,901</font></TD>
        <TD ALIGN=LEFT bgcolor="#FFFFFF" height="19">
        <font face="Times New Roman, Times, Serif" size="2">)</font></TD>
     <TD ALIGN="RIGHT" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="RIGHT" bgcolor="#FFFFFF" height="19">
     <font face="Times New Roman, Times, Serif" size="2">N/M</font></TD>
        <TD ALIGN="LEFT" bgcolor="#FFFFFF" height="19">&nbsp;</TD></TR>
<TR VALIGN="Bottom" BGCOLOR="Aqua">
     <TD ALIGN=LEFT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated
     sales</FONT></b></TD><TD ALIGN=LEFT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN=LEFT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="RIGHT" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></b></TD>
     <TD ALIGN=RIGHT height="15"><b>
     <font face="Times New Roman, Times, Serif" size="2">451,487</font></b></TD>
        <TD ALIGN=LEFT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="RIGHT" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></b></TD>
     <TD ALIGN=RIGHT height="15"><b>
     <font face="Times New Roman, Times, Serif" size="2">455,107</font></b></TD>
        <TD ALIGN=LEFT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="RIGHT" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="RIGHT" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     -0.8%</FONT></b></TD>
        <TD ALIGN="LEFT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3 height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated
     gross profit</FONT></TD><TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD ALIGN=RIGHT height="15">
     <font face="Times New Roman, Times, Serif" size="2">106,469</font></TD>
        <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD ALIGN=RIGHT height="15">
     <font face="Times New Roman, Times, Serif" size="2">92,991</font></TD>
        <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     14.5%</FONT></TD>
        <TD ALIGN="LEFT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom">
     <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated
     gross margin</FONT></b></TD><TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.6%</FONT></b></TD>
        <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.4%</FONT></b></TD>
        <TD ALIGN="Left" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19">&nbsp;</TD>
        <TD ALIGN="LEFT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3 height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated S, G&amp; A</FONT></TD>
     <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD ALIGN=RIGHT height="15">
     <font face="Times New Roman, Times, Serif" size="2">98,568</font></TD>
        <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD ALIGN=RIGHT height="15">
     <font face="Times New Roman, Times, Serif" size="2">97,045</font></TD>
        <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     1.6%</FONT></TD>
        <TD ALIGN="LEFT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom">
     <TD ALIGN="Left" BGCOLOR="Aqua" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S,G&amp; A as a percent of sales</FONT></b></TD>
     <TD ALIGN="Left" BGCOLOR="Aqua" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Left" BGCOLOR="Aqua" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     21.8%</FONT></b></TD>
        <TD ALIGN="Left" BGCOLOR="Aqua" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     21.3%</FONT></b></TD>
        <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3 height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Upholstery
     operating income</FONT></TD><TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD ALIGN=RIGHT height="15">
     <font face="Times New Roman, Times, Serif" size="2">15,254</font></TD>
        <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD ALIGN=RIGHT height="15">
     <font face="Times New Roman, Times, Serif" size="2">13,198</font></TD>
        <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     15.6%</FONT></TD>
        <TD ALIGN="LEFT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<tr>
     <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Casegoods
     operating income</FONT></TD><TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT height="19">
  <font face="Times New Roman, Times, Serif" size="2">4,344</font></TD>
        <TD ALIGN=LEFT height="19">&nbsp;</TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT height="19">
  <font face="Times New Roman, Times, Serif" size="2">500</font></TD>
        <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
  768.8%</FONT></TD>
        <TD ALIGN="LEFT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     </tr>
<tr>
     <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     Retail
     operating income (loss)</FONT></TD><TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT height="19">
  <font face="Times New Roman, Times, Serif" size="2">(5,408</font></TD>
        <TD ALIGN=LEFT height="19"><font size="2">)</font></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT height="19">
  <font face="Times New Roman, Times, Serif" size="2">515</font></TD>
        <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-1150.1%</FONT></TD>
        <TD ALIGN="LEFT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     </tr>
<tr>
     <TD ALIGN=LEFT height="15">
     <font face="Times New Roman, Times, Serif" size="2">Corporate/other</font></TD>
  <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT height="15">
  <font face="Times New Roman, Times, Serif" size="2">(6,289</font></TD>
        <TD ALIGN=LEFT height="15"><font size="2">)</font></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT height="15">
  <font face="Times New Roman, Times, Serif" size="2">(7,867</font></TD>
        <TD ALIGN=LEFT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        )&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN="RIGHT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
  20.1%</FONT></TD>
        <TD ALIGN="LEFT" height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     </tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT height="19">
     <font face="Times New Roman, Times, Serif" size="2">Restructuring</font></TD>
     <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT height="19">
     <font face="Times New Roman, Times, Serif" size="2">--</font></TD>
        <TD ALIGN=LEFT height="19">&nbsp;</TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT height="19">
     <font face="Times New Roman, Times, Serif" size="2">(10,400</font></TD>
        <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        )&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19">
     <font face="Times New Roman, Times, Serif" size="2">N/M</font></TD>
        <TD ALIGN="LEFT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     </TR>
<TR VALIGN="Bottom" BGCOLOR="Aqua">
     <TD ALIGN=LEFT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated
     operating income (loss)</FONT></b></TD><TD ALIGN=LEFT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN=LEFT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="RIGHT" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></b></TD>
     <TD ALIGN=RIGHT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     7,901</FONT></b></TD>
        <TD ALIGN=LEFT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        &nbsp;</FONT></b></TD>
     <TD ALIGN="RIGHT" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></b></TD>
     <TD ALIGN=RIGHT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     (4,054</FONT></b></TD>
        <TD ALIGN=LEFT height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        )&nbsp;</FONT></b></TD>
     <TD ALIGN="RIGHT" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="RIGHT" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     294.9%</FONT></b></TD>
        <TD ALIGN="LEFT" height="15"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD></TR>
<TR>
     <TD COLSPAN=3 height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT height="15"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD height="15"></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Upholstery
     operating margin</FONT></TD><TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     4.9%</FONT></TD>
        <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     4.2%</FONT></TD>
        <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19">&nbsp;</TD>
        <TD ALIGN="LEFT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<tr>
     <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Casegoods
     operating margin</FONT></TD><TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     4.1%</FONT></TD>
        <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     0.5%</FONT></TD>
        <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19">&nbsp;</TD>
        <TD ALIGN="LEFT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     Retail
     operating margin</FONT></TD><TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     -10.3%</FONT></TD>
        <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     1.3%</FONT></TD>
        <TD ALIGN=LEFT height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19">&nbsp;</TD>
        <TD ALIGN="LEFT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<tr>
     <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated
     operating margin</FONT></b></TD>
  <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
  <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
  <TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
  1.7%</FONT></b></TD>
        <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
  <TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
  -0.9%</FONT></b></TD>
        <TD ALIGN="Left" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN="RIGHT" height="19">&nbsp;</TD>
        <TD ALIGN="LEFT" height="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</tr>
<tr>
     <TD ALIGN="Left" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
  <TD ALIGN="Left" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
  <TD ALIGN="Left" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="Right" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
  <TD ALIGN="Right" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
        <TD ALIGN="Left" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="Right" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
  <TD ALIGN="Right" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
        <TD ALIGN="Left" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="RIGHT" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
  <TD ALIGN="RIGHT" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
        <TD ALIGN="LEFT" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
</tr>
<tr>
     <TD ALIGN="Left" BGCOLOR="Aqua" height="21"><b>
     <font face="Times New Roman, Times, Serif" size="2">Income (loss) from
     continuing operations</font></b></TD>
  <TD ALIGN="Left" BGCOLOR="Aqua" height="21"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
  <TD ALIGN="Left" BGCOLOR="Aqua" height="21"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="21"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     $&nbsp;</FONT></b></TD><TD ALIGN="Right" BGCOLOR="Aqua" height="21"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     3,208</FONT></b></TD>
        <TD ALIGN="Left" BGCOLOR="Aqua" height="21"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        &nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="21"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     $&nbsp;</FONT></b></TD><TD ALIGN="Right" BGCOLOR="Aqua" height="21"><b>
  <font face="Times New Roman, Times, Serif" size="2">(3,652</font></b></TD>
        <TD ALIGN="Left" height="21" bgcolor="#00FFFF"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        )&nbsp;</FONT></b></TD>
     <TD ALIGN="RIGHT" height="21" bgcolor="#00FFFF"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
  <TD ALIGN="RIGHT" height="21" bgcolor="#00FFFF"><b><font size="2">187.8%</font></b></TD>
        <TD ALIGN="LEFT" height="21" bgcolor="#00FFFF"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
</tr>
<TR VALIGN="Bottom">
     <TD ALIGN="Left" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="Left" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="Left" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="Right" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="Right" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
        <TD ALIGN="Left" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="Right" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="Right" BGCOLOR="#FFFFFF" height="19">&nbsp;</TD>
        <TD ALIGN="Left" bgcolor="#FFFFFF" height="19">&nbsp;</TD>
     <TD ALIGN="RIGHT" height="19">&nbsp;</TD><TD ALIGN="RIGHT" height="19">&nbsp;</TD>
        <TD ALIGN="LEFT" height="19">&nbsp;</TD></TR>
<tr>
     <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b>
     <font face="Times New Roman, Times, Serif" size="2">Diluted earnings
     per share from continuing </font></b></TD><TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="19">&nbsp;</TD><TD ALIGN="Right" BGCOLOR="Aqua" height="19">&nbsp;</TD>
        <TD ALIGN="Left" BGCOLOR="Aqua" height="19">&nbsp;</TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="19">&nbsp;</TD><TD ALIGN="Right" BGCOLOR="Aqua" height="19">&nbsp;</TD>
        <TD ALIGN="Left" height="19" bgcolor="#00FFFF">&nbsp;</TD>
     <TD ALIGN="RIGHT" height="19" bgcolor="#00FFFF">&nbsp;</TD>
     <TD ALIGN="RIGHT" height="19" bgcolor="#00FFFF">&nbsp;</TD>
        <TD ALIGN="LEFT" height="19" bgcolor="#00FFFF">&nbsp;</TD>
</tr>
<TR VALIGN="Bottom">
     <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b>
     <font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;
     operations</font></b></TD><TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     $&nbsp;</FONT></b></TD><TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b>
     <font face="Times New Roman, Times, Serif" size="2">0.06</font></b></TD>
        <TD ALIGN="Left" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        &nbsp;</FONT></b></TD>
     <TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     $&nbsp;</FONT></b></TD><TD ALIGN="Right" BGCOLOR="Aqua" height="19"><b>
     <font face="Times New Roman, Times, Serif" size="2">(0.07</font></b></TD>
        <TD ALIGN="Left" height="19" bgcolor="#00FFFF"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        )&nbsp;</FONT></b></TD>
     <TD ALIGN="RIGHT" height="19" bgcolor="#00FFFF"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
     <TD ALIGN="RIGHT" height="19" bgcolor="#00FFFF"><b><font size="2">185.7%</font></b></TD>
        <TD ALIGN="LEFT" height="19" bgcolor="#00FFFF"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD></TR>
</TABLE>


<font face="Times New Roman, Times, Serif" size="2">N/M - not meaningful</font>
<br>

<font face="Times New Roman, Times, Serif" size="2">Note:  <i>Restructuring costs were included in gross profit for fiscal 2005</i>.</font> <!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
<HR color=black noShade SIZE=2>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><u>Sales</u> </FONT></H1>

<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Consolidated sales </B>were
essentially flat<B> </B>in the first quarter. Our Retail Group acquired 21 new stores in
the fourth quarter of fiscal 2005, however, since two of the markets acquired, containing 8
stores, were consolidated as VIEs in the previous years&#146; first quarter, the increase
in their sales for the Retail Group were offset by a corresponding decrease in our VIEs
sales. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Upholstery Group</B> sales were
basically flat quarter over quarter. Our La-Z-Boy branded product sales increased during
the quarter. Although most of our La-Z-Boy Furniture Galleries&reg; stores are
independently owned, we do track the written sales activity of the total store system as
an indicator of retail activity. The total store system, including company-owned
and independent licensee stores, same-store written sales for the second
calendar quarter were down 1.3%, and total sales, which include new stores,
increased 2.9%. Some of
our other Upholstery operating units experienced decreasing sales due to a reduction in
orders from a few major customers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our <B>Casegoods Group </B>sales were
also essentially flat compared to the prior year first quarter. The casegoods hospitality
and health care business had another quarter of growth over the prior year first quarter,
which was partly due to the economic recovery of the hospitality sector. Somewhat
offsetting the hospitality and health care business sales increase was the decrease in
Pennsylvania House sales due to the continued disruptions that were caused by our
transition to an importer. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Retail Group</B> sales increased
due to the acquisition of 21 stores in the fourth quarter of fiscal 2005. Eight of these
stores were consolidated as VIEs prior to acquiring them in the fourth quarter. The
remainder of our stores in the Retail Group experienced a weaker retail environment than
last year during what is already historically the industry&#146;s slowest season. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The VIEs and elimination
of intercompany sales went
from ($5.9) million in the first quarter of fiscal 2005 to ($20.6) million in the first
quarter of fiscal 2006. Since we have fewer VIEs in the current quarter than in the
comparable prior year quarter, our sales in this category were significantly less. In
addition, we sold more product during the current quarter to our company-owned stores in
the Retail Group, which increased our elimination of intercompany sales. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><u><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Gross Profit </FONT>
</u></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our gross profit as a percent of
sales (&#147;gross margin&#148;) increased in the first quarter of fiscal 2006 in
comparison to the prior year first quarter due to the following: </FONT></P>


<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=644><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
We had restructuring expense of $10.4 million in the fiscal first quarter of 2005. The
restructuring costs decreased the fiscal 2005 gross margin by 2.3 percentage points. </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=11><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=642><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In the first quarter of last year we experienced significant price increases in raw
materials, especially in raw steel. Raw steel prices remain high but have stabilized in
fiscal 2006. In fiscal 2005 we increased our selling prices to our customers due to the
high raw material costs, which helped increase our margins in the first quarter of fiscal
2006. </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=11><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=646><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Our La-Z-Boy Furniture Galleries&reg; stores are a larger part of our consolidated results
in fiscal 2006, and since retail margins generally carry a higher gross margin than our
manufacturing units it had a more significant impact than in fiscal 2005. </FONT></TD>
</TR>
</TABLE>
<BR>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offsetting
the increases in our gross margin were the following factors: </FONT></P>


<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=9><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=646><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Polyurethane prices increased in the current quarter, which, as a percent of sales,
increased our cost of sales by 0.4 percentage points over last year. </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=9><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=646><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Older inventory
was cleared out at the 21 newly acquired stores which resulted in a lower than
normal gross
margin for our Retail Group. </FONT></TD>
</TR>
</TABLE>
<BR>



<H1 ALIGN=LEFT><u><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Selling, General and
Administrative Expenses </FONT></u></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling, general and administrative
expenses (S,G&amp;A)<B> </B>increased in fiscal 2006 compared to the prior year, both in
dollar amount and as a percent of sales, and is mainly attributable to the Retail Group as
follows:  <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></P>

<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=9><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=646><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;The
increased relative size of the Retail Group increased consolidated S,G&amp;A because the Retail Group has a higher S,G&amp;A
structure.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=9><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=646><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The 21 new
stores had transitional costs and inefficiencies. </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=689 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=33><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=9><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD width="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=646><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Our company-owned same stores sales were down 1.7%, therefore we were not able to absorb
our fixed expenses resulting in an increase in S,G&amp;A as a percent of sales. </FONT></TD>
</TR>
</TABLE>
<BR>


<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Also contributing to the increase in
S,G&amp;A expense was the biannual conference held in the first quarter for dealers of the
La-Z-Boy Furniture Galleries store network. Despite the cost of this conference, our
non-retail based operation&#146;s S,G&amp;A expenses in the first quarter of 2006 were
essentially flat as a percentage of sales when compared to the first quarter of 2005.
Somewhat offsetting these increases was a $1.6 million gain recognized during the current quarter on a
long-lived asset we sold. </FONT>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR color=black noShade SIZE=2>

<H1 ALIGN=LEFT><u><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Operating Margin </FONT>
</u></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our 1.7% operating margin in the
fiscal 2006 first quarter was up at the Upholstery and Casegoods Group but was down
significantly at our Retail Group. The operating margin for fiscal 2005 was -0.9% and
included 2.3 percentage points of restructuring costs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The <B>Upholstery Group</B> operating
profit benefited from selling price increases from fiscal 2005. Additionally, some of the
Upholstery Group operating units experienced some relief on the high raw materials prices
costs (i.e. steel) experienced in fiscal 2005. While our operating margin improved over
last year there were several factors that negatively impacted our Upholstery Group: (i)
increased raw material costs for polyurethane; (ii) unfavorable sales mix; and (iii) a
decrease in sales volume. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our <B>Casegoods Group</B> operating
margin increased over the prior year due to the increased operating margin in casegoods
hospitality and health care business and improvements resulting from our continuing
transition to our import model for residential casegoods. Pennsylvania House made
significant strides in the first quarter by improving operating margins. The Casegoods
Group has been on a positive trend making steady progress in improving operating margins
as shown in the chart below. </FONT></P>

<P align="center"><b><font face="Times New Roman, Times, Serif">Casegoods
Operating Margins</font></b></P>

<TABLE align=center cellSpacing=0 cellPadding=0 width="449">

  <TR vAlign=bottom>
    <TH align=left colSpan=3 width="161">
    &nbsp;<HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 height="34" width="99"><font size="2">Fiscal 2004</font><HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 height="34" width="91"><font size="2">Fiscal 2005 </font>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 height="34" width="98"><font size="2">
    <font face="Times New Roman, Times, Serif">Fiscal 2006</font> </font>
      <HR width="95%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="150" height="15">
    <font face="Times New Roman, Times, Serif" size="2">First Quarter</font></TD>
    <TD align=left width="8" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="3" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="10" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="54" height="15"><font size="2">0.9</font></TD>
    <TD align=left width="34" height="15"><font size="2">%</font></TD>
    <TD align=right width="10" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="54" height="15"><font size="2">0.5</font></TD>
    <TD align=left width="34" height="15"><font size="2">%</font></TD>
    <TD align=right width="10" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="54" height="15"><font size="2">4.1</font></TD>
    <TD align=left width="34" height="15"><font size="2">%</font></TD></TR>
  <TR vAlign=bottom bgColor=aqua>
    <TD align=left height="10" width="150">
    <font face="Times New Roman, Times, Serif" size="2">Second Quarter</font></TD>
    <TD align=left height="10" width="8"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height="10" width="3"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height="10" width="10"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height="10" width="54"><font size="2">1.7</font></TD>
    <TD align=left height="10" width="34"><font size="2">%</font></TD>
    <TD align=right height="10" width="10"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height="10" width="54"><font size="2">0.1</font></TD>
    <TD align=left height="10" width="34"><font size="2">%</font></TD>
    <TD align=right height="10" width="10"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height="10" width="54"></TD>
    <TD align=left height="10" width="34"></TD></TR>
  <TR>
    <TD colSpan=3 height="19" width="161"><font size="2">Third Quarter</font></TD>
    <TD align=right colSpan=2 height="19" width="64"><font size="2">-0.3</font></TD>
    <TD height="19" width="34"><font size="2">%</font></TD>
    <TD align=right colSpan=2 height="19" width="64"><font size="2">1.9</font></TD>
    <TD height="19" width="34"><font size="2">%</font></TD>
    <TD align=right colSpan=2 height="19" width="64">&nbsp;</TD>
    <TD height="19" width="34">&nbsp;</TD></TR>
  <TR vAlign=bottom bgColor=aqua>
    <TD align=left height="15" width="150">
    <font face="Times New Roman, Times, Serif" size="2">Fourth Quarter</font></TD>
    <TD align=left height="15" width="8"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height="15" width="3"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height="15" width="10"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height="15" width="54"><font size="2">0.2</font></TD>
    <TD align=left height="15" width="34"><font size="2">%</font></TD>
    <TD align=right height="15" width="10"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height="15" width="54"><font size="2">2.1</font></TD>
    <TD align=left height="15" width="34"><font size="2">%</font></TD>
    <TD align=right height="15" width="10"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height="15" width="54"></TD>
    <TD align=left height="15" width="34"></TD></TR>
  </TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our <B>Retail Group</B> operating
profit decreased by $5.9 million in the first quarter of fiscal 2006 in comparison to the
first quarter of fiscal 2005. Two of the three markets acquired were operating at
significant losses and were reported as VIEs in the prior periods and contributed to
operating losses during the quarter. We refreshed merchandise at our newly acquired
locations moving out older inventory which resulted in a lower operating margin. The
acquired stores also incurred transitional costs in the first quarter. The decrease in
operating profit was due in part to the decrease in same store sales volume. Additionally,
due to the acquisition of new markets and a slow retail environment we increased
advertising spending. We also had an increase in occupancy costs and selling expenses.
Consequently, due to these acquisitions and an overall soft retail environment, this
quarter our retail operating results were below our expectations. We anticipate that it
will take some time to turn around these under-performing stores. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><u><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Interest Expense </FONT>
</u></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest expense for the 2006 first
quarter was higher than the 2005 first quarter mainly from increases in floating rate debt
equating to an increase of about 1% in our effective interest rate. Our weighted average
debt is down slightly in the current year compared to the last year first quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><u><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Income Taxes </FONT>
</u></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our effective tax rate was 38% in
both fiscal 2006 and fiscal 2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A012></A>
<H1 ALIGN=LEFT><u><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Variable Interest
Entities  </FONT></u></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>La-Z-Boy Furniture Galleries&reg;
stores that are not operated by us are operated by 118<I> </I>independent dealers. These
stores sell La-Z-Boy manufactured product as well as various accessories purchased from
approved La-Z-Boy vendors.&nbsp; In some cases we have extended credit beyond normal trade
terms to the independent dealers, made direct loans and/or guaranteed certain loans or
leases.&nbsp; Most of these independent dealers have sufficient equity to carry out their
principal operating activities without subordinated financial support; however, there are
certain independent dealers that we have determined may not have sufficient equity. In
accordance with Financial Accounting Standards Board Interpretation No. 46R, we began to
consolidate variable interest entities of which we were deemed the primary beneficiary as
of April 24, 2004. The table below shows the impact on our consolidated balance sheet at
July 30, 2005 and April 30, 2005 and statement of operations for the quarters ended July
30, 2005 and July 24, 2004.&nbsp; The amounts reflected in the table include the elimination of related
payables, receivables, sales, cost of sales, and interest as well as profit in inventory. </FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="616" align=center>

  <tr>
    <TH align=left colSpan=3 width="414" height="13">
    </TH>
    <TH colSpan=6 width="202"><font size="2">VIEs</font></TH>
    </tr>

  <TR vAlign=bottom>
    <TH align=left colSpan=3 width="414" height="13"><FONT face="Times New Roman, Times, Serif"
      size=1>(<I>Unaudited, amounts in thousands)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 width="103"><FONT face="Times New Roman, Times, Serif"
      size=1>7/30/05</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 width="99" height="13"><FONT face="Times New Roman, Times, Serif"
      size=1>4/30/05</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>Assets</FONT></TD>
    <TD align=left width="7" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="19">&nbsp;</TD>
    <TD align=left width="29" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="19">&nbsp;</TD>
    <TD align=left width="28" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and equivalents</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">2,933</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>1,699</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">(9,397</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>) <i>(1)</i>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>(9,131</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>) <i>(1)</i>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">9,399</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>7,211</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">7,681</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>7,199</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">1,268</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>1,226</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD colSpan=3 width="414" height="15"></TD>
    <TD align=right colSpan=2 width="74" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="29" height="15"></TD>
    <TD align=right colSpan=2 width="71" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="28" height="15"></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current assets</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">11,884</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>8,204</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif" size=2>Property,
      plant and equipment, net</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">9,692</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>8,431</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15">
    <font face="Times New Roman, Times, Serif" size="2">Intangibles</font></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">8,122</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>7,714</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15">
    <font face="Times New Roman, Times, Serif" size="2">Other long-term assets</font></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">(18,535</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>) <i>(1)</i>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>(14,169</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>) <i>(1)&nbsp;</i></FONT></TD>
    </TR>
  <TR>
    <TD colSpan=3 width="414" height="15"></TD>
    <TD align=right colSpan=2 width="74" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="29" height="15"></TD>
    <TD align=right colSpan=2 width="71" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="28" height="15"></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      assets</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">11,163</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>10,180</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD colSpan=3 width="414" height="16"></TD>
    <TD align=right colSpan=2 width="74" height="16">
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width="29" height="16"></TD>
    <TD align=right colSpan=2 width="71" height="16">
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width="28" height="16"></TD>
    </TR>
  <TR>
    <TD colSpan=3 width="414" height="1"></TD>
    <TD colSpan=3 width="103" height="1"></TD>
    <TD colSpan=3 width="99" height="1"></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>Liabilities and shareholders' equity</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings</FONT></TD>
    <TD align=left width="7" height="19">&nbsp;</TD>
    <TD align=left width="5" height="19">&nbsp;</TD>
    <TD align=right width="14" height="19"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="60" height="19"><font size="2">--</font></TD>
    <TD align=left width="29" height="19">&nbsp;</TD>
    <TD align=right width="14" height="19"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="57" height="19">
    <font face="Times New Roman, Times, Serif" size="2">--</font></TD>
    <TD align=left width="28" height="19">&nbsp;</TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt</FONT></TD>
    <TD align=left width="7" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="19">&nbsp;</TD>
    <TD align=right width="60" height="19"><font size="2">1,573</font></TD>
    <TD align=left width="29" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="19">&nbsp;</TD>
    <TD align=right width="57" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>1,934</FONT></TD>
    <TD align=left width="28" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">596</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15">
    <font face="Times New Roman, Times, Serif" size="2">329</font></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      current liabilities</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">4,152</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>3,523</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD colSpan=3 width="414" height="15"></TD>
    <TD align=right colSpan=2 width="74" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="29" height="15"></TD>
    <TD align=right colSpan=2 width="71" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="28" height="15"></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current liabilities</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">6,321</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>5,786</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif" size=2>
    Long-term debt</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">7,311</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>6,256</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif" size=2>Deferred
      income taxes</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">196</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15">
    <font face="Times New Roman, Times, Serif" size="2">--</font></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif" size=2>Other
      long-term liabilities</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">(1,300</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>(1,300</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="19">
    <font face="Times New Roman, Times, Serif" size="2">Shareholders' equity
    (deficit)</font></TD>
    <TD align=left width="7" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="19"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="19"><font size="2">(1,365</font></TD>
    <TD align=left width="29" height="19"><font size="2">)</font></TD>
    <TD align=right width="14" height="19">&nbsp;</TD>
    <TD align=right width="57" height="19"><font size="2">(562</font></TD>
    <TD align=left width="28" height="19">)</TD>
    </TR>
  <TR>
    <TD colSpan=3 width="414" height="15"></TD>
    <TD align=right colSpan=2 width="74" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="29" height="15"></TD>
    <TD align=right colSpan=2 width="71" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="28" height="15"></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
      liabilities and shareholders' equity</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">11,163</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>10,180</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD colSpan=3 width="414" height="16"></TD>
    <TD align=right colSpan=2 width="74" height="16">
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width="29" height="16"></TD>
    <TD align=right colSpan=2 width="71" height="16">
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width="28" height="16"></TD>
    </TR></TABLE>

<font face="Times New Roman, Times, Serif" size="2"><i>(1)</i> Reflects the elimination of intercompany accounts and notes receivable.</font>
<TABLE cellSpacing=0 cellPadding=0 width="616" align=center>

  <TR vAlign=bottom>
    <TH align=left colSpan=3 width="414" height="13"><FONT face="Times New Roman, Times, Serif"
      size=1>(<I>Unaudited, amounts in thousands)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 width="103"><FONT face="Times New Roman, Times, Serif"
      size=1>7/30/05</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 width="99" height="13"><FONT face="Times New Roman, Times, Serif"
      size=1>7/24/04</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15">
    <font face="Times New Roman, Times, Serif" size="2">Sales</font></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">8,586</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp; <i>(2)</i>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>13,641</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;<i> (2)</i></FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15">
    <font face="Times New Roman, Times, Serif" size="2">Cost of sales</font></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">2,466</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15">
    <font face="Times New Roman, Times, Serif" size="2">942</font></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <tr>
    <TD colSpan=3 width="414" height="15"></TD>
    <TD align=right colSpan=2 width="74" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="29" height="15"></TD>
    <TD align=right colSpan=2 width="71" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="28" height="15"></TD>
    </tr>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">6,120</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>12,699</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15">
    <font face="Times New Roman, Times, Serif" size="2">Selling, general and
    administrative</font></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">6,801</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>14,676</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD colSpan=3 width="414" height="15"></TD>
    <TD align=right colSpan=2 width="74" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="29" height="15"></TD>
    <TD align=right colSpan=2 width="71" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="28" height="15"></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss)</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">(681</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>(1,977</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15">
    <font face="Times New Roman, Times, Serif" size="2">Interest expense</font></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">108</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15">
    <font face="Times New Roman, Times, Serif" size="2">167</font></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15">
    <font face="Times New Roman, Times, Serif" size="2">Other expense, net</font></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">(480</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;<i>(3)</i></FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>(1,294</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;<i>(3)</i></FONT></TD>
    </TR>
  <tr>
    <TD colSpan=3 width="414" height="15"></TD>
    <TD align=right colSpan=2 width="74" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="29" height="15"></TD>
    <TD align=right colSpan=2 width="71" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="28" height="15"></TD>
    </tr>
  <tr>
    <TD align=left width="402" height="15">
    <font face="Times New Roman, Times, Serif" size="2">Pre-tax loss</font></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">(1,269</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>(3,438</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)<i>&nbsp;</i></FONT></TD>
    </tr>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15">
    <font face="Times New Roman, Times, Serif" size="2">Income tax benefit</font></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">(482</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>(1,306</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)</FONT></TD>
    </TR>
  <TR>
    <TD colSpan=3 width="414" height="15"></TD>
    <TD align=right colSpan=2 width="74" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="29" height="15"></TD>
    <TD align=right colSpan=2 width="71" height="15">
      <HR color=black noShade SIZE=1>
    </TD>
    <TD width="28" height="15"></TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=left width="402" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss from continuing operations</FONT></TD>
    <TD align=left width="7" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="60" height="15"><font size="2">(787</font></TD>
    <TD align=left width="29" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    <TD align=right width="14" height="15"><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right width="57" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>(2,132</FONT></TD>
    <TD align=left width="28" height="15"><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD colSpan=3 width="414" height="16"></TD>
    <TD align=right colSpan=2 width="74" height="16">
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width="29" height="16"></TD>
    <TD align=right colSpan=2 width="71" height="16">
      <HR color=black noShade SIZE=2>
    </TD>
    <TD width="28" height="16"></TD>
    </TR>
  </TABLE>

<font face="Times New Roman, Times, Serif" size="2"><i>(2)</i> Includes the elimination of intercompany sales and cost of sales.</font>
<font face="Times New Roman, Times, Serif" size="2"><i><BR>(3)</i> Includes the elimination of intercompany interest income and interest expense.</font>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
<HR color=black noShade SIZE=2>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Liquidity and Capital
Resources </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our total assets decreased by 4.5% as
compared to April 2005. Our total debt decreased by $6.8 million in comparison to the end
of the 2005 fiscal year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our sources of cash liquidity include
cash and equivalents, cash from operations and amounts available under credit facilities.
These sources have been adequate for day-to-day operations, stock repurchases, dividends
to shareholders and capital expenditures. We expect these sources of liquidity to continue
to be adequate for the future. Capital expenditures for fiscal 2006 are planned at $30
million to $35 million compared to $35 million in fiscal 2005. There were no material
commitments for capital expenditures at July 30, 2005. As of July 30, 2005, we had unused
lines of credit and commitments of $186.8 million under several credit arrangements. </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table illustrates the
main components of our cash flows: </FONT></P>


<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <tr>
    <TH align=left colSpan=3 width="414" height="13">
    <FONT face="Times New Roman, Times, Serif"
      size=1><i>(Unaudited, amounts in thousands)</i></FONT></TH>
    <TH colSpan=6 width="202"><font size="2">First Quarter Ended</font></TH>
    </tr>

  <TR vAlign=bottom>
    <TH align=left colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1><BR></FONT>
    <FONT face="Times New Roman, Times, Serif"
      size=2>Cash Flows From (Used For)</FONT><font size="2">
    </font>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1>7/30/05</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=1>7/24/04</FONT>
      <HR width="95%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="68%"><FONT face="Times New Roman, Times, Serif"
      size=2><B>Operating activities</B></FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="5%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Net
      income (loss), depreciation and deferred taxes</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><font size="2">6,968</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><font face="Times New Roman, Times, Serif" size="2">(1542</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD></TR>
  <TR bgcolor=aqua vAlign=bottom>
    <TD align=left><font face="Times New Roman, Times, Serif" size="2">
    Restructuring</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">--</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font face="Times New Roman, Times, Serif" size="2">10,400</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Working
      capital and other</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">12,801</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font face="Times New Roman, Times, Serif" size="2">(13,799</font></TD>
    <TD align=left><font size="2">)</font></TD></TR>
  <tr>
    <TD colSpan=3></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD>
  </tr>
  <tr bgColor=aqua>
    <TD align=left><b><font face="Times New Roman, Times, Serif" size="2">Cash
    provided from operating activities</font></b></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">19,769</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font face="Times New Roman, Times, Serif" size="2">(4,941</font></TD>
    <TD align=left><font size="2">)</font></TD>
  </tr>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2><B>Investing activities</B></FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">(18,571</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
    size=2>)</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>(10,001</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
    size=2>)</FONT></TD></TR>
  <TR>
    <TD align=right colSpan=2><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD></TD>
    <TD align=right colSpan=2><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD></TD>
    <TD align=right colSpan=2><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2><B>Financing activities</B></FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom bgColor=aqua>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>Repurchase of common stock</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">(7,247</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
    size=2>)</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font face="Times New Roman, Times, Serif" size="2">(2,476</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
    size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Net
      increase (decrease) in debt</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">(7,826</font></TD>
    <TD align=left><font size="2">)</font></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font face="Times New Roman, Times, Serif" size="2">16,327</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom bgColor=aqua>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Other
      financing activities and exchange rate changes</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">(4,819</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
    size=2>)</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>(3,826</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
    size=2>)</FONT></TD></TR>
  <TR>
    <TD colSpan=3></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD></TR>
  <TR vAlign=bottom bgColor=aqua>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Net
      increase in cash and cash equivalents</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><font size="2">(18,694</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><font face="Times New Roman, Times, Serif" size="2">(4,917</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>)&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=2>
    </TD>
    <TD></TD></TR></TABLE>

<FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>Operating activities </b></i></FONT>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The increase in 2006 operating cash flows
was due mainly to a source of cash of $34.8 million in receivables. Our receivables
decreased by 12.4% in fiscal 2006 in comparison to April 2005 due to the seasonality of
our first quarter 2006 and quicker collections. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A015></A>
<font FACE="Times New Roman, Times, Serif" SIZE="2"><i><b>Investing activities</b></i> </font>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the first quarter of fiscal
2006 and fiscal 2005, net cash used in investing activities was $18.6 million and $10.0
million, respectively. The increase in cash used for investing activities in fiscal 2006
was primarily reflected in an increase in investments. At April 30, 2005 we had
significant cash and cash equivalents which was invested in longer term assets during the
first quarter of fiscal 2006. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR color=black noShade SIZE=2>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>Financing activities</b></i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our financing activities included
borrowings and payments on our debt facilities, dividend payments, issuances of stock and
stock repurchases. We used $19.8 million of cash in financing activities in the first
quarter of fiscal 2006 compared to $9.7 million provided by financing activities of cash
in the first quarter of fiscal 2005. During the first quarter of fiscal 2006 we increased
cash from operating activities and were able to reduce debt and repurchase common stock.
We borrowed $23.7 million less in the fiscal 2006 first quarter in comparison to the prior
year&#146;s quarter while our payments for both periods remained approximately the same.
We also increased our stock repurchases by $4.8 million in the first quarter of fiscal
2006 in comparison to last year&#146;s first quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our debt-to-capitalization ratio was
29.7% at July 30, 2005, 30.0% at April 30, 2005 and 32.0% at July 24, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table summarizes our
contractual obligations of the types specified: </FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TH colSpan=3>&nbsp;</TH>
    <TH colSpan=3>&nbsp;</TH>
    <TH colSpan=12><FONT face="Times New Roman, Times, Serif" size=2>Payments
      by Period</FONT><font size="2"> </font>
      <HR width="100%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TH align=left colSpan=3><I><FONT face="Times New Roman, Times, Serif"
      size=1>(Amounts in thousands)</FONT> </I>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=2>Total</FONT><font size="2"> </font>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif" size=2>Less than
      1<BR>Year</FONT><font size="2"> </font>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif" size=2>1-3
      Years</FONT><font size="2"> </font>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif" size=2>4-5
      Years</FONT><font size="2"> </font>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif" size=2>More than
      5<BR>Years</FONT><font size="2"> </font>
      <HR width="100%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom bgColor=aqua>
    <TD align=left width="38%"><FONT face="Times New Roman, Times, Serif"
      size=2>Long-term debt obligations</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width="8%"><font size="2">194,896</font></TD>
    <TD align=left width="3%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width="8%"><font size="2">1,584</font></TD>
    <TD align=left width="3%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width="8%"><font size="2">40,378</font></TD>
    <TD align=left width="3%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width="8%"><font size="2">89,710</font></TD>
    <TD align=left width="3%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
    <TD align=right width="8%"><font size="2">63,224</font></TD>
    <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Capital
      lease obligations</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">2,592</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">1,217</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">1,239</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">113</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">23</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom bgColor=aqua>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Operating
      lease obligations</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">217,601</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">29,506</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">54,133</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">44,600</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">89,362</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Other
      long-term liabilities not</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp; reflected
      on our balance sheet</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">1,400</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">1,250</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">100</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">50</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><font size="2">--</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD>
    <TD align=right colSpan=2>
      <HR color=black noShade SIZE=1>
    </TD>
    <TD></TD></TR>
  <TR vAlign=bottom bgColor=aqua>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;Total contractual obligations</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><font size="2">416,489</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><font size="2">33,557</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><font size="2">95,850</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><font size="2">134,473</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif"
    size=2>$</FONT></TD>
    <TD align=right><font size="2">152,609</font></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  </TABLE>
&nbsp;<p><font face="Times New Roman, Times, Serif" size="2">In addition to the above  obligations,  we have guaranteed  various mortgages and leases of dealers with proprietary  stores. The total
amount of these  guarantees is $8.3 million.  Of this, $2.5 million will expire within one year, $5.1 million in one to three years and
$0.7 million in four to five years.  In recent  years,  we have  increased our imports of Casegoods  product.  At July 30, 2005, we had
$38.8 million in open purchase orders with foreign casegoods manufacturers. Some of these open purchase orders are cancelable.

</font></p>
<p><font face="Times New Roman, Times, Serif" size="2">Continuing  compliance with existing  federal,  state and local statutes  dealing with protection of the environment is not expected to
have a material effect upon our capital expenditures, earnings, competitive position or liquidity.

</font></p>
<p><font face="Times New Roman, Times, Serif" size="2">Our Board of Directors has  authorized  the  repurchase of company  stock.  On October 28, 1987,  our Board of Directors  announced the
authorization  of the plan to repurchase  company stock.  The plan  originally  authorized 1.0 million shares and subsequent to October
1987,  22.0  million  additional  shares have been added to this plan for  repurchase.  As of July 30,  2005,  6.2  million  additional
shares could be purchased pursuant to this authorization.

</font></p>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
<HR color=black noShade SIZE=2>

<p><b><font face="Times New Roman, Times, Serif" size="2">Recent Accounting Pronouncements

</font></b></p>
<p><font face="Times New Roman, Times, Serif" size="2">In December 2004, the The Financial  Accounting Standards Board ("FASB") issued SFAS No. 123(R),
<i>Share-Based  Payment</i>.  This statement
replaces SFAS No. 123,  <i>Accounting for Stock-Based  Compensation</i>  and supersedes APB No. 25,
<i>Accounting for Stock Issued to Employees</i>. SFAS 123(R) requires  companies to apply a  fair-value-based  measurement  method in accounting for shared-based  payment  transactions
with employees and to record  compensation cost for all stock awards granted after the required  effective date and to awards modified,
repurchased,  or cancelled after that date. In addition,  we are required to record  compensation  expense (as previous awards continue
to vest) for the unvested  portion of previously  granted awards that remain  outstanding at the date of adoption.  SFAS 123(R) will be
effective  for fiscal years  beginning  after June 15, 2005.  Although  management  has not yet  determined  the final impact that SFAS
123(R) will have on its financial position and results of operations,  we do not expect the impact to be materially  different than the
effect shown in Note 9 in the Notes to Consolidated Financial Statements.

</font></p>
<p><font face="Times New Roman, Times, Serif" size="2">The FASB issued  Interpretation  No. 47,
<i>Accounting for Conditional Asset Retirement  Obligations</i> on March 30, 2005. The interpretation
will result in (a) more consistent  recognition of liabilities  relating to asset retirement  obligations,  (b) more information  about
expected future cash outflows  associated with those  obligations,  and (c) more  information  about  investments in long-lived  assets
because  additional  asset  retirement  costs will be recognized as part of the carrying  amounts of the assets.  Interpretation  47 is
effective no later than the end of fiscal  years  ending  after  December  15,  2005.  We are  currently  evaluating  the impact of the
adoption of Interpretation No. 47, on our financial position and results of operations.

</font></p>
<p><font face="Times New Roman, Times, Serif" size="2">In May 2005,  the FASB issued SFAS No. 154,
<i>Accounting  Changes and Error  Corrections</i>. SFAS No. 154  is a replacement of APB No. 20
and FASB  Statement  No. 3.  SFAS No. 154  provides  guidance on the  accounting  for and  reporting  of  accounting  changes and error
corrections.  It  establishes  retrospective  application  as the  required  method for  reporting  a change in  accounting  principle.
SFAS No. 154 provides guidance for determining whether  retrospective  application of a change in accounting principle is impracticable
and for reporting a change when  retrospective  application  is  impracticable.  The reporting of a correction of an error by restating
previously  issued  financial  statements is also  addressed by  SFAS No. 154.  SFAS
No. 154 is effective for accounting changes and corrections of errors made in
fiscal years beginning after December 15, 2005. We will be adopting this
pronouncement beginning in our fiscal year 2007. </font></p>
<p><font face="Times New Roman, Times, Serif" size="2"><b>Critical Accounting
Policies</b> </font></p>
<p><font face="Times New Roman, Times, Serif" size="2">Our critical accounting
policies are disclosed in our Form 10-K for the year ended April 30, 2005. There
were no new accounting pronouncements that had a material effect on our first
quarter or our critical accounting policies. </font></p>
<p><b><font face="Times New Roman, Times, Serif" size="2">Business Outlook
</font></b></p>
<p><font face="Times New Roman, Times, Serif" size="2">Though we have continued
to make steady progress in the evolution of our business model, we remain
concerned that several macroeconomic factors including the continued elevation
of energy prices and rising interest rates could impact the industry's growth
prospects and dampen consumer confidence. Additionally, there has been fierce competition for consumers'
discretionary spending with employee pricing offers from the automotive industry
which we feel is contributing to weak retail furniture demand. </font></p>
<p><font face="Times New Roman, Times, Serif" size="2">We are currently
expecting sales for the October quarter to be down in the low single-digit range
compared to last year's second quarter, and we anticipate reported earnings for
the second quarter to be in the range of $0.17 - $0.21 per diluted share,
versus the $0.17 we earned per diluted share in the same quarter of fiscal 2005,
which included an after-tax restructuring charge of $0.01 per share and an
extraordinary gain of $0.01 per share. </font></p>
<P align=center><font face="Times New Roman" size="2">20</font></P>
<HR color=black noShade SIZE=2>

<p><font face="Times New Roman, Times, Serif"><b>ITEM 3. QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></font><font face="Times New Roman, Times, Serif" size="2">
</font></p>
<p><font face="Times New Roman, Times, Serif" size="2">We are exposed to market
risk from changes in interest rates. The majority of our exposure to interest
rate risk results from our floating rate $150 million revolving credit facility
under which we had $45 million borrowed at July 30, 2005. Management estimates
that a 1% change in interest rates would not have a material impact on the
results of operations for fiscal 2006 based upon the year end levels of exposed
liabilities. </font></p>
<p><font face="Times New Roman, Times, Serif" size="2">We are exposed to market
risk from changes in the value of foreign currencies. Our exposure to changes in
the value of foreign currencies is reduced through our use of foreign currency
forward contracts from time to time. At July 30, 2005, we had foreign exchange
forward contracts outstanding, relating to the Canadian dollar. Substantially
all of our imported purchased parts are denominated in U.S. dollars. We have
some risk on China currency because it has recently been announced that China
will allow its currency to float. We believe that gains or losses resulting from
changes in the value of foreign currencies will not be material to our results
from operations in fiscal year 2006. </font></p>
<p><font face="Times New Roman, Times, Serif"><b>ITEM 4. CONTROLS AND PROCEDURES</b>
</font></p>
<p><font face="Times New Roman, Times, Serif" size="2">We maintain a system of
disclosure controls and procedures that are designed to provide reasonable
assurance that information, which is required to be timely disclosed, is
accumulated and communicated to management in a timely fashion. An evaluation of
the effectiveness of the design and operation of our disclosure controls and
procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934,
as amended (the &quot;Exchange Act&quot;)) (our &quot;Disclosure Controls&quot;) was performed as of
the end of the period covered by this report. This evaluation was performed
under the supervision and with the participation of management, including our
Chief Executive Officer and Chief Financial Officer. Based upon that evaluation,
our Chief Executive Officer and Chief Financial Officer concluded that these
Disclosure Controls are effective to provide reasonable assurance that
information required to be disclosed by the Company in the reports that it files
or submits under the Exchange Act is accumulated and communicated to management,
including our Chief Executive Officer and Chief Financial Officer, as
appropriate, to allow timely decisions regarding required disclosure and are
effective to provide reasonable assurance that such information is recorded,
processed, summarized and reported within the time periods specified by the
SEC's rules and forms. </font></p>
<p><font face="Times New Roman, Times, Serif" size="2">There has been no change
in our internal control over financial reporting that occurred during the
quarter covered by this report that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.
</font></p>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<h1>&nbsp;</h1>
<h1><b><font face="Times New Roman, Times, Serif" size="3">PART II - OTHER
INFORMATION </font></b></h1>
<h1><font face="Times New Roman, Times, Serif" size="3"><b>ITEM 2. UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</b> </font></h1>
<p><font face="Times New Roman, Times, Serif" size="2">Our Board of Directors
has authorized the repurchase of company stock. On October 28, 1987, our Board
of Directors announced the authorization of the plan to repurchase company
stock. The plan originally authorized 1.0 million shares and subsequent to
October 1987, 22.0 million additional shares have been added to this plan for
repurchase. As of July 30, 2005, 6.2 million additional shares could be
purchased pursuant to this authorization. With the cash flows we anticipate
generating in fiscal 2006 we will be opportunistic in repurchasing company stock
but we have no commitments for repurchases. The following table summarizes our
repurchases of company stock during the period covered by this report: </font>
</p>
<div align="center">
  <center>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=669 style="border-collapse: collapse">
<TR VALIGN=Bottom>
     <TH COLSPAN="3" ALIGN="Left" width="285"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><i>(Amounts in thousands)</i></FONT></TH>
     <TH COLSPAN=3 width="83">
     <font face="Times New Roman, Times, Serif" size="1">Total number of shares
     repurchased</font><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3 width="82">
     <font face="Times New Roman, Times, Serif" size="1">Average price paid per
     share</font><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3 width="125">
     <font face="Times New Roman, Times, Serif" size="1">Total number of shares
     purchased as part of the publicly announced repurchase program</font><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2 width="94">
     <font face="Times New Roman, Times, Serif" size="1">Maximum number of
     shares that may yet be purchased</font><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<tr>
     <TD WIDTH=203 ALIGN=LEFT>
     <font face="Times New Roman, Times, Serif" size="2">Fiscal May (May 1 -
     June 4)</font></TD>
     <TD WIDTH=10 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=72 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=19 ALIGN=RIGHT>&nbsp;</TD><TD WIDTH=53 ALIGN=center>
     <font face="Times New Roman, Times, Serif" size="2">--</font></TD>
        <TD WIDTH=11 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=30 ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=43 ALIGN=left>
     <font face="Times New Roman, Times, Serif" size="2">--</font></TD>
        <TD WIDTH=9 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=23 ALIGN=RIGHT>&nbsp;</TD><TD WIDTH=92 ALIGN=center>
     <font size="2">--</font></TD>
        <TD WIDTH=10 ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=22 ALIGN=RIGHT>&nbsp;</TD><TD WIDTH=72 ALIGN=center>
     <font size="2">--</font></TD>
        </tr>
<TR VALIGN=Bottom>
     <TD WIDTH=203 ALIGN=LEFT>
     <font face="Times New Roman, Times, Serif" size="2">Fiscal June (June 5 -
     July 2)</font></TD>
     <TD WIDTH=10 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=72 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=19 ALIGN=RIGHT>&nbsp;</TD><TD WIDTH=53 ALIGN=center>
     <font face="Times New Roman, Times, Serif" size="2">209</font></TD>
        <TD WIDTH=11 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=30 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD WIDTH=43 ALIGN=left>
     <font face="Times New Roman, Times, Serif" size="2">14.29</font></TD>
        <TD WIDTH=9 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=23 ALIGN=RIGHT>&nbsp;</TD><TD WIDTH=92 ALIGN=center>
     <font size="2">209</font></TD>
        <TD WIDTH=10 ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=22 ALIGN=RIGHT>&nbsp;</TD><TD WIDTH=72 ALIGN=center>
     <font size="2">6,444</font></TD>
        </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT width="203">
     <font face="Times New Roman, Times, Serif" size="2">Fiscal July (July 3 -
     July 30)</font></TD>
     <TD ALIGN=LEFT width="10"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT width="72"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT width="19"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=center width="53">
     <font face="Times New Roman, Times, Serif" size="2">291</font></TD>
        <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT width="30"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left width="43">
     <font face="Times New Roman, Times, Serif" size="2">14.64</font></TD>
        <TD ALIGN=LEFT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT width="23"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=center width="92"><font size="2">291</font></TD>
        <TD ALIGN=LEFT width="10">&nbsp;</TD>
     <TD ALIGN=RIGHT width="22"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=center width="72">
     <font face="Times New Roman, Times, Serif" size="2">6,153</font></TD>
        </TR>
<TR>
     <TD COLSPAN=3 width="285"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT width="72"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD width="11"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT width="73"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD width="9"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT width="115"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD width="10"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT width="94"><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT width="203">
     <font face="Times New Roman, Times, Serif" size="2">Fiscal First Quarter</font></TD>
     <TD ALIGN=LEFT width="10"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT width="72"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT width="19">&nbsp;</TD><TD ALIGN=center width="53">
     <font face="Times New Roman, Times, Serif" size="2">500</font></TD>
        <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT width="30"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD ALIGN=left width="43">
     <font face="Times New Roman, Times, Serif" size="2">14.49</font></TD>
        <TD ALIGN=LEFT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT width="23">&nbsp;</TD><TD ALIGN=center width="92">
     <font face="Times New Roman, Times, Serif" size="2">500</font></TD>
        <TD ALIGN=LEFT width="10">&nbsp;</TD>
     <TD ALIGN=RIGHT width="22">&nbsp;</TD><TD ALIGN=center width="72">
     <font face="Times New Roman, Times, Serif" size="2">6,153</font></TD>
        </TR>
<TR>
     <TD COLSPAN=3 width="285"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT width="72"><HR NOSHADE COLOR=Black SIZE=2></TD>
     <TD width="11"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT width="73"><HR NOSHADE COLOR=Black SIZE=2></TD>
     <TD width="9"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT width="115"><HR NOSHADE COLOR=Black SIZE=2></TD>
     <TD width="10"></TD>
     <TD COLSPAN=2 ALIGN=RIGHT width="94"><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>


  </center>
</div>


<BR>
<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A017></A>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=center><font face="Times New Roman" size="2">21</font></P>
<HR color=black noShade SIZE=2>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ITEM 5. OTHER
INFORMATION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the first quarter,
the Company established the annual salary for each of the executive officers
named in the summary compensation table in our most recent proxy statement for
the fiscal year ending April 29, 2006. In addition, pursuant to the executive
incentive compensation plan, the Company determined and awarded the annual bonus
for the year ended April 30, 2005 for each of the named executive officers. The
information is included in Exhibit (10(b)). </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company also
established the four performance goals for the performance awards under the
Company&#146;s long-term equity award plan for the 3-year cycle ending in April 2008.
This information is included in Exhibit (10(c)). </FONT></P>


<!-- MARKER PAGE="sheet: 1; page: 1" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ITEM 6. EXHIBITS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;
     Exhibits </FONT></P>

     <P><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (10) </font></P>

     <P><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     *(a) Executive Incentive Compensation Plan - Description as of June 7, 2005</font></P>

     <P><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     *(b) Summary of Salaries and Bonus Awards (fiscal 2006 salaries and fiscal
     2005 bonuses)</font></P>

     <P><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     *(c) Performance Awards Goals (for Performance Cycle Ending April 2008)</font></P>

     <P><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     *(d) Sample Award Agreement under 2004 Long-Term Equity Award Plan</font></P>

     <P><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (11) Statement of Computation of Per Share Earnings See note 4 to the
     financial statements included in this report. </font></P>

     <P><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (31) Certifications of Executive Officers pursuant to Rule 13a-14(a) </font></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     &nbsp;(32)
          Certifications of Executive Officers pursuant to 18 U.S.C. Section 1350(b) </FONT></P>

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     <P><font size="2">*Indicates a management contract or compensatory plan or
     arrangement under which a director or executive officer may receive
     benefits.</font></P>


<p align="center"><font face="Times New Roman" size="2">22</font></p>
<HR color=black noShade SIZE=2>


<H1 ALIGN=Left><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>SIGNATURE</b></font></h1>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned thereunto duly authorized. </FONT></P>


<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Project" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%>&nbsp;</TD>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>LA-Z-BOY
INCORPORATED</B><BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
(Registrant)</FONT><br></TD>
</TR>
</TABLE>
<p>
<BR>
<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
</p>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: August 22, 2005 </FONT></P>


<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Project" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%>&nbsp;</TD>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>
<BR>BY: /s/ Louis M. Riccio, Jr.<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Louis M. Riccio, Jr.<BR>Corporate Controller<br>On behalf of the registrant and as<br>Chief Accounting Officer</FONT>


</TD>
</TR>
</TABLE>

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<P align=center><font face="Times New Roman" size="2">23</font></P>
<HR color=black noShade SIZE=2>


<BR>
<TABLE cellSpacing=0 cellPadding=0 width="689">

  <TR vAlign=bottom>
    <TH align=left height="42" width="55"><FONT size=2>Exhibit<BR><U>Number</U></FONT><FONT size=1><BR>&nbsp; </FONT></TH>
    <TH align=left height="42" width="634"><FONT size=2><u>Exhibit Index</u></FONT><FONT size=1><BR>&nbsp; </FONT></TH></TR>
  <TR vAlign=top>
    <TD height="19" width="55"><font size="2">*(10(a))</font></TD>
    <TD height="19" width="634"><font size="2">Executive Incentive Compensation Plan
    - Description as of June 7, 2005</font></TD></TR>
  <TR vAlign=top>
    <TD height="19" width="55"><font size="2">*(10(b))</font></TD>
    <TD height="19" width="634"><font size="2">Summary of Salaries and Bonus Awards
    (fiscal 2006 salaries and fiscal 2005 bonuses)</font></TD></TR>
  <TR vAlign=top>
    <TD height="19" width="55"><font size="2">*(10(c))</font></TD>
    <TD height="19" width="634"><font size="2">Performance Awards Goals for
    Performance Cycle Ending April 2008</font></TD></TR>
  <TR vAlign=top>
    <TD height="19" width="55"><font size="2">*(10(d))</font></TD>
    <TD height="19" width="634"><font size="2">Sample Award Agreement under 2004
    Long-Term Equity Award Plan</font></TD></TR>
  <TR vAlign=top>
    <TD height="19" width="55"><font size="2">(31)</font></TD>
    <TD height="19" width="634"><font size="2">Certifications of Executive Officers pursuant
    to Rule 13a-14(a)</font></TD></TR>
  <tr>
    <TD height="19" width="55"><font size="2">(32)</font></TD>
    <TD height="19" width="634"><font size="2">Certifications of Executive Officers pursuant
    to U.S.C. Section 1350(b)</font></TD>
  </tr>
  <TR vAlign=top>
    <TD height="19" width="55">&nbsp;</TD>
    <TD height="19" width="634">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD height="19" width="55">&nbsp;</TD>
    <TD height="19" width="634"><font size="2">*Indicates a management contract
    or compensatory plan or arrangement under which a director or executive
    officer may receive benefits.</font></TD></TR>
  </TABLE>



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<HR SIZE=5 COLOR=GRAY NOSHADE>


<P ALIGN=RIGHT>&nbsp;</P>

<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit (10(a)) </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LA-Z-BOY
INCORPORATED
<BR>
EXECUTIVE INCENTIVE COMPENSATION PLAN
<BR>

DESCRIPTION AS OF JUNE 7, 2005 </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The purpose of the
Executive Incentive Compensation Plan is to provide a cash award to key
management employees for the achievement of specific annual goals. </FONT></P>

<p>

<font face="Times New Roman, Times, Serif" size="2">The Compensation Committee
of the Board of Directors (the Committee)
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
annually establishes short-term performance criteria covering areas such as
sales growth and improved earnings. The specific focus and weighting of the
criteria are based on key short-term priorities of the corporation. The
performance criteria are established at the start of the fiscal year or as
shortly thereafter as possible. </font>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
</p>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The target and maximum
award opportunity for each participant is established by the Committee. The
target award for participants ranges from 10% to 80% of eligible base pay with a
maximum award of 200% of the target (i.e. 20% to 160% of eligible base pay). The
award paid is based on actual results compared to the established performance
targets. Payment of the award occurs within 90 days after the end of the fiscal
year. A participant must be on the payroll at the end of the fiscal year (or
have retired during the fiscal year) to be eligible for an award. </FONT></P>


<!-- MARKER PAGE="sheet: 2; page: 2" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Head Right" FSL="Default" -->

<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit (10(b)) </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Summary of
Salaries and Bonus Awards </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table sets
forth the cash bonuses awarded for fiscal 2005 and the salary for fiscal 2006
for each of the executive officers named in the summary compensation table in
our most recent proxy statement. </FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width=380 align=center >
  <TR vAlign=bottom>
    <TH align=left colSpan=3 height=27 width="196">
    <font face="Times New Roman, Times, Serif" size="2">&nbsp;Named Executive</font><HR width="90%" color=black noShade SIZE=1 align="left">
    </TH>
    <TH colSpan=3 height=27 width="90"><font size="2">April 2005 Bonus Award</font><HR width="90%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3 height=27 width="94"><font size="2">Fiscal 2006 Salary</font><HR width="90%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="183" height=19>
    <font face="Times New Roman, Times, Serif" size="2">Kurt L. Darrow</font></TD>
    <TD align=left width="3" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=left width="10" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right width="18" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width="54" height=19><font size="2">316,794</font></TD>
    <TD align=left width="18" height=19>&nbsp;</TD>
    <TD align=right width="18" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>$</FONT></TD>
    <TD align=right width="60" height=19>
    <font face="Times New Roman, Times, Serif" size="2">618,000</font></TD>
    <TD align=left width="16" height=19><FONT
      face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=19 width="183">
    <font face="Times New Roman, Times, Serif" size="2">Patrick H. Norton</font></TD>
    <TD align=left height=19 width="3"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=19 width="10"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19 width="18"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19 width="54"><font size="2">182,322</font></TD>
    <TD align=left height=19 width="18">&nbsp;</TD>
    <TD align=right height=19 width="18"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=19 width="60">
    <font face="Times New Roman, Times, Serif" size="2">437,750</font></TD>
    <TD align=left height=19 width="16"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=18 width="183">
    <font face="Times New Roman, Times, Serif" size="2">Rodney D. England</font></TD>
    <TD align=left height=18 width="3"></TD>
    <TD align=left height=18 width="10"></TD>
    <TD align=right height=18 width="18"></TD>
    <TD align=right height=18 width="54"><font size="2">133,760</font></TD>
    <TD align=left height=18 width="18"></TD>
    <TD align=right height=18 width="18"></TD>
    <TD align=right height=18 width="60">
    <font face="Times New Roman, Times, Serif" size="2">329,600</font></TD>
    <TD align=left height=18 width="16"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=18 width="183">
    <font face="Times New Roman, Times, Serif" size="2">Steven M. Kincaid</font></TD>
    <TD align=left height=18 width="3"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=18 width="10"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=18 width="18"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=18 width="54"><font size="2">38,080</font></TD>
    <TD align=left height=18 width="18"></TD>
    <TD align=right height=18 width="18"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=18 width="60">
    <font face="Times New Roman, Times, Serif" size="2">329,600</font></TD>
    <TD align=left height=18 width="16"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left height=15 width="183">
    <font face="Times New Roman, Times, Serif" size="2">David M. Risley</font></TD>
    <TD align=left height=15 width="3"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left height=15 width="10"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15 width="18"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15 width="54"><font size="2">121,548</font></TD>
    <TD align=left height=15 width="18"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15 width="18"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right height=15 width="60">
    <font face="Times New Roman, Times, Serif" size="2">334,750</font></TD>
    <TD align=left height=15 width="16"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  </TABLE>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note: In filing this
exhibit, the Company does not acknowledge that establishing annual salaries
creates an enforceable contract between the Company and any employee. </FONT></P>


<!-- MARKER PAGE="sheet: 3; page: 3" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Head Right" FSL="Default" -->
<A NAME=A008></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit (10(c)) </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Performance
Awards Goals
<BR>
For Performance Cycle Ending April 2008 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><u><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Threshold
Goal </FONT>
</u></P>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company established a
target cumulative diluted earnings per share amount for the three-year cycle. No
payout will be made unless the Company meets or exceeds the targeted earnings
per share amount. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Subordinate
Goals</u> </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If the threshold goal is
met, the actual payout earned for the performance cycle will be determined by
comparison of the actual results against the three subordinate goals. The
subordinate goals and their weighting are as follows: </FONT></P>


<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" width="100%" id="AutoNumber4">
  <tr>
    <td width="6%">
    <p align="right"><font size="2">o</font></td>
    <td width="3%">&nbsp;</td>
    <td width="91%"><font size="2">Operating margin performance will determine
    50% of the payout.</font></td>
  </tr>
  <tr>
    <td width="6%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="91%">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%">
    <p align="right"><font size="2">o</font></td>
    <td width="3%">&nbsp;</td>
    <td width="91%"><font size="2">Sales growth performance will determine 25%
    of the payout.</font></td>
  </tr>
  <tr>
    <td width="6%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="91%">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%">
    <p align="right"><font size="2">o</font></td>
    <td width="3%">&nbsp;</td>
    <td width="91%"><font size="2">Accounts receivable and inventory management
    will determine 25% of the payout.</font></td>
  </tr>
</table>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each subordinate goal has a
sliding scale that provides a payout from 50 to 200 percent of the related
target payout. At the end of the performance cycle the final award will be
determined by first determining whether the threshold goal was achieved and, if
it was, then determining the degree to which each (if any) of the subordinate
goals were met. If the threshold goal is not achieved, or if that goal is
achieved but no subordinate goal is achieved, then there will be no payout. </FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>



<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit (10(d)) </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->

<H1 ALIGN=CENTER><u><FONT FACE="Times New Roman, Times, Serif" SIZE=4>SAMPLE AWARD AGREEMENT </FONT>
</u></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>LA-Z-BOY INCORPORATED
2004 LONG-TERM EQUITY AWARD PLAN </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->

<H1 ALIGN=CENTER><u><FONT FACE="Times New Roman, Times, Serif" SIZE=4>AWARD AGREEMENT </FONT>
</u></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Agreement made effective August
<I>&lt;</I>grant day<I>&gt;</I>, 2005 (the &#147;Grant Date&#148;) between La-Z-Boy Incorporated
(the &#147;Company&#148;) and <I>&lt;</I>first name<I>&gt; &lt;</I>last name<I>&gt;</I> (the
&#147;Employee&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This Agreement confirms grants of
Restricted Stock, Stock Options and conditional Performance Awards, pursuant to and
subject to all terms and conditions of the La-Z-Boy Incorporated 2004 Long-Term Equity
Award Plan (&#147;Plan&#148;). This Agreement is also subject to the award notification
letter dated <I>&lt;</I>award letter date<I>&gt;</I> (&#147;Notification&#148;) as well as the
applicable specific and general conditions set forth in attached Appendix A. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The principal features of the
foregoing grants are as follows: </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Restricted Stock </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TOTAL SHARES OF
RESTRICTED STOCK: <I>&lt;</I>restrictedstock<I>&gt;</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" width="65%" id="AutoNumber3">
  <tr>
    <td width="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULED VESTING DATES</FONT></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font size="2">(PERIOD OF RESTRICTION):</font></td>
    <td width="50%"><font size="2">NUMBER OF SHARES:</font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font size="2">August &lt;grant day&gt;, 2008</font></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font size="2">August &lt;grant day&gt;, 2009</font></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font size="2">August &lt;grant day&gt;, 2010</font></td>
    <td width="50%">&nbsp;</td>
  </tr>
</table>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Options </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;OPTION DATE&#148; is August
<I>&lt;</I>grant day<I>&gt;</I>, 2005 </FONT></P>

<p>

<font size="2">TOTAL SHARES SUBJECT TO PURCHASE OPTION:&nbsp; &lt;total options&gt;</font>
<BR>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" width="69%">
  <tr>
    <td width="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULED VESTING DATES</FONT></td>
    <td width="50%"><font size="2">NUMBER OF SHARES / PRICE PER SHARE</font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font size="2">August &lt;grant day&gt;, 2006</font></td>
    <td width="50%"><font size="2">&lt;ovestyear1&gt; / $&lt;grant price&gt;</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2">August &lt;grant day&gt;, 2007</font></td>
    <td width="50%"><font size="2">&lt;ovestyear2&gt; / $&lt;grant price&gt;</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2">August &lt;grant day&gt;, 2008</font></td>
    <td width="50%"><font size="2">&lt;ovestyear3&gt; / $&lt;grant price&gt;</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2">August &lt;grant day&gt;, 2009</font></td>
    <td width="50%"><font size="2">&lt;ovestyear4&gt; / $&lt;grant price&gt;</font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All options not exercised by August
<I>&lt;</I>grant day<I>&gt;</I>, 2010 shall be forfeited. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Performance Award Shares
(2005 &#150; 2007 Cycle) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MAXIMUM PERFORMANCE
AWARD: <I>&lt;</I>max PBS shares1<I>&gt;</I> SHARES<SUP>*</SUP>,
<BR>TARGET PERFORMANCE AWARD:
<I>&lt;</I>target PBS shares1<I>&gt;</I> SHARES<SUP>*</SUP> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Performance Award Shares
(2006 &#150; 2008 Cycle) </FONT></H1>

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<A NAME=A014></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MAXIMUM PERFORMANCE
AWARD: <I>&lt;</I>max PBS shares1<I>&gt;</I> SHARES<SUP>*</SUP>, <BR>TARGET PERFORMANCE AWARD:
<I>&lt;</I>target PBS shares1<I>&gt;</I> SHARES<SUP>*</SUP> </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>*</SUP> <i>Subject to
attainment of Gatekeeper and Subordinate Performance Goals. </i> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Your signature below indicates your
agreement that the foregoing grants are subject to all of the terms and conditions
contained in attached Appendix A as well as the accompanying Notification. Your signature
below also indicates that you have received and read a copy of the Plan. The terms and
provisions of the Plan as it may be amended from time to time are hereby incorporated by
reference. In the event of a conflict between any term or provision contained in this
Agreement and a term or provision of the Plan, the applicable terms and provisions of the
Plan will govern and prevail. </FONT></P>

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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" width="100%" id="AutoNumber2">
  <tr>
    <td width="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>La-Z-Boy
    Incorporated </FONT></td>
    <td width="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
    Employee </FONT></td>
  </tr>
  <tr>
    <td width="50%" valign="bottom"><font size="2">By</font><HR width="95%" color=black noShade SIZE=1 align="right">
    </td>
    <td width="50%">&nbsp;<HR width="95%" color=black noShade SIZE=1>
    </td>
  </tr>
  <tr>
    <td width="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Kurt
    Darrow</FONT></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President and </FONT>
    </td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief Executive Office</FONT></td>
    <td width="50%">&nbsp;</td>
  </tr>
</table>


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<HR SIZE=5 COLOR=GRAY NOSHADE>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>APPENDIX A &#151;
TERMS AND CONDITIONS </FONT></H1>

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<A NAME=A020></A>
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="5%">
                    <p align="left"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                    I</FONT></b></TD>
                    <TD ALIGN=LEFT WIDTH="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH="94%"><P ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                    General terms and conditions </FONT></b></P></TD>
                    </TR>
                    </TABLE>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Definitions</U>. As used herein, the following definitions will apply: </FONT></P>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    &#147;Affiliate&#148; means any corporation or any other entity (including, but
                    not limited to, partnerships and joint ventures) controlling, controlled by, or
                    under common control with the Company. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    &#147;Board&#148; has the definition used in the Plan. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    &#147;Change in Control&#148; has the definition used in the Plan. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>d) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    &#147;Committee&#148; has the definition used in the Plan. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>e) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    &#147;Common Stock&#148; has the definition used in the Plan. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>f) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    &#147;Disability&#148; means the Employee&#146;s inability to perform the
                    principal duties of his regular occupation, as determined by the Committee
                    pursuant to the disability definition set forth in the Company&#146;s long term
                    disability plan as in effect at the time of determination; provided if there is
                    no such plan in effect at than time, then &#147;Disability&#148; shall mean a
                    mental or physical condition which renders Employee unable or incompetent to
                    carry out the material job responsibilities which Employee held or the material
                    duties to which Employee was assigned at the time the disability was incurred,
                    which has existed for at least six months and which is expected to be permanent
                    or to last for an indefinite duration or a duration in excess of six months.
                    Determination of the extent and probable duration of any such condition shall be
                    based on the opinion of a physician mutually agreed upon by the Company and the
                    Employee (provided that neither party shall unreasonably withhold agreement). </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>g) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    &#147;Optionee&#148; means an Employee who has been granted and holds an Option
                    under this Agreement. Whenever the word &#147;Optionee&#148; is used in any
                    provision of this Agreement under circumstances where the provision should
                    logically be construed to apply to the estate, personal representative, or
                    beneficiary to whom this Option may be transferred by will, the laws of descent
                    and distribution or by designation of beneficiary, the word &#147;Optionee&#148;
                    shall be deemed to include such person. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>h) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    &#147;Shares&#148; means shares of Common Stock. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <p>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any other capitalized words or terms
used in this Agreement and also defined in the Plan shall have the definition used in the
Plan unless the context requires otherwise. </FONT>

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     </p>
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>No Effect on Employment</U>. The Employee&#146;s employment with the Company
          and its Affiliates is on an at-will basis only. Accordingly, the terms of the
          Employee&#146;s employment with the Company and its Affiliates will be
          determined from time to time by the Company or the Affiliate employing the
          Employee (as the case may be), and the Company or the Affiliate will have the
          right, which is hereby expressly reserved, to terminate or change the terms of
          the employment of the Employee at any time for any reason whatsoever, with or
          without good cause. If the Employee has a written employment agreement with
          Company or any Affiliate which contains different or additional provisions
          relating to Plan awards, or otherwise conflicts with the terms of this
          Agreement, the provisions of the employment agreement shall govern. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Notices</U>. Any notice under this Agreement shall be addressed to the
          Company in care of its Secretary at 1284 N. Telegraph, Monroe, Michigan 48162
          and to the Participant at the address appearing in the personnel records of the
          Company for the Participant or to either party at such other address as either
          party hereto may hereafter designate in writing to the other. Any such notice
          shall be deemed effective upon receipt thereof by the addressee. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Grant Not Transferable</U>. Except as otherwise provided in this Agreement,
          this grant and the rights and privileges conferred hereby will not be
          transferred, assigned, pledged or hypothecated in any way (whether by operation
          of law or otherwise) and will not be subject to sale under execution, attachment
          or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or
          otherwise dispose of this grant, or any right or privilege conferred hereby, or
          upon any attempted sale under any execution, attachment or similar process, this
          grant and the rights and privileges conferred hereby immediately will become
          null and void. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Binding Agreement</U>. Subject to the limitation on the transferability of
          this grant contained herein, this Agreement will be binding upon and inure to
          the benefit of the heirs, legatees, legal representatives, successors and
          assigns of the parties hereto. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Committee Authority</U>. The Committee will have the power and discretion to
          interpret this Agreement and to adopt such rules for the administration,
          interpretation and application of the Agreement as are consistent herewith and
          to interpret or revoke any such rules. All actions taken and all interpretations
          and determinations made by the Committee in good faith will be final and binding
          upon the Employee, the Company and all other interested persons. No member of
          the Committee will be personally liable for any action, determination or
          interpretation made in good faith with respect to this Agreement. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Captions</U>. Captions provided herein are for convenience only and are not
          to serve as a basis for interpretation or construction of this Agreement. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Agreement Severable</U>. In the event that any provision in this Agreement
          will be held invalid or unenforceable, such provision will be severable from and
          such invalidity or unenforceability will not be construed to have any effect on,
          the remaining provisions of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Modifications to the Agreement</U>. This Agreement constitutes the entire
          understanding of the parties on the subjects covered. The Employee expressly
          warrants that he is not accepting this Agreement in reliance on any promises,
          representations, or inducements other than those contained herein. Modifications
          to this Agreement can be made only in an express written contract executed by a
          duly authorized officer of the Company. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Governing Law</U>. This Agreement will be governed by, and construed in
          accordance with, the laws of the State of Michigan without regard to principles
          of conflict of laws. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Additional Actions</U>. The parties will execute such further instruments and
          take such further action as may reasonably be necessary to carry out the intent
          of this Agreement. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Counterparts</U>. This Agreement may be executed in any number of
          counterparts, each of which when so executed shall be deemed to be an original
          and all of which taken together shall constitute one and the same agreement. Any
          counterpart or other signature hereupon delivered by facsimile shall be deemed
          for all purposes as constituting good and valid execution and delivery of this
          Agreement by such party. </FONT></P>

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<A NAME=A021></A>
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="5%">
                    <p align="left"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                    II </FONT></b></TD>
                    <TD ALIGN=LEFT WIDTH="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH="94%"><P ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                    Terms and conditions of Restricted Stock grants </FONT></b></P></TD>
                    </TR>
                    </TABLE>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Definitions</U>. As used in this Part II, the following definition will
          apply: </FONT></P>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    a) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    &#147;Restricted Stock&#148; means the Shares issued to the Employee
                    pursuant to this Agreement. </FONT></P></TD>
                    </TR>
                    </TABLE>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Shares Held in Escrow</U>. Unless and until the Shares of Restricted Stock
          will have vested in the manner set forth in paragraphs 3 or 4 of this Part II,
          such Shares will be issued in the name of the Employee and held by the Secretary
          of the Company as escrow agent (the &#147;Escrow Agent&#148;), and will not be
          sold, transferred or otherwise disposed of, and will not be pledged or otherwise
          hypothecated. The Company may instruct the transfer agent for its Common Stock
          to place a legend on the certificates representing the Restricted Stock or
          otherwise note its records as to the restrictions on transfer set forth in this
          Agreement. The certificate or certificates representing such Shares will not be
          delivered by the Escrow Agent to the Employee unless and until the Shares have
          vested and all other terms and conditions in this Agreement have been satisfied. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Vesting Schedule</U>. Except as provided in Section 4, and subject to Section
          5 of this Part II, Shares subject to this grant will vest on the dates stated on
          the opening page of this Agreement. Vesting actually will occur only if the
          Company or an Affiliate employs the Employee through the applicable vesting
          date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Vesting in event of Certain Retirements, Death, Disability, Change in Control
          or by Committee Discretion</U>. Notwithstanding Section 3 of this Part II,
          vesting shall be accelerated in accordance with the following rules: </FONT></P>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Retirement under Certain Circumstances. If the Employee ceases to be an Employee
                    during the applicable restriction period due to (i) retirement at or after age
                    65, or (ii) retirement at an age not younger than age 55 and with the
                    Company&#146;s consent, all transfer restrictions imposed under the Plan or this
                    Agreement upon the Employee&#146;s Restricted Shares also shall thereupon
                    terminate, provided that at least one year has elapsed since the Grant Date
                    applicable to such Restricted Shares; further provided that the Committee, in
                    its sole discretion, may determine that such restrictions shall not terminate
                    because to allow such termination would not be in the best interests of the
                    Company. The Committee shall not allow such restrictions to terminate if the
                    Employee, after retirement, remains as a Director of the Company or is retained
                    as a paid consultant by the Company. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Death or Disability. If the Employee ceases to be an Employee during the
                    applicable restriction period due to death or Disability, all transfer
                    restrictions imposed under the Plan or this Agreement upon the Employee&#146;s
                    Restricted Shares also shall thereupon terminate. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Change in Control. If there is a Change in Control after the date on which the
                    Plan has been adopted by the Board and approved by the shareholders, then all
                    transfer restrictions imposed by the Plan upon all Restricted Shares thereupon
                    immediately shall terminate. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>d) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The Committee, in its discretion, may accelerate the vesting of the balance, or
                    some lesser portion of the balance, of the unvested Shares of Restricted Stock
                    at any time. If so accelerated, such Shares will be considered as having vested
                    as of the date specified by the Committee. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <p>
                    <BR>

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     <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Forfeiture</U>. Notwithstanding any contrary provision of this Agreement, the
          balance of the Shares of Restricted Stock that have not vested pursuant to
          paragraphs 3 or 4 will thereupon be forfeited and automatically transferred to
          and reacquired by the Company at no cost to the Company upon the date the
          Employee&#146;s employment with the Company or an Affiliate terminates for any
          reason. The Employee hereby appoints the Escrow Agent with full power of
          substitution, as the Employee&#146;s true and lawful attorney-in-fact with
          irrevocable power and authority in the name and on behalf of the Employee to
          take any action and execute all documents and instruments, including, without
          limitation, stock powers which may be necessary to transfer the certificate or
          certificates evidencing such unvested Shares to the Company upon such violation. </FONT>

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     </p>
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Death of Employee</U>. Any distribution or delivery to be made to the
          Employee under this Agreement will, if the Employee is then deceased, be made to
          the Employee&#146;s designated beneficiary, or if no beneficiary survives the
          Employee, to the administrator or executor of the Employee&#146;s estate. Any
          such transferee must furnish the Company with (a) written notice of his or her
          status as transferee, and (b) evidence satisfactory to the Company to establish
          the validity of the transfer and compliance with any laws or regulations
          pertaining to said transfer. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Taxes</U>. Notwithstanding any contrary provision of this Agreement, no
          certificate representing the Shares may be released from the escrow established
          pursuant to paragraph 3 unless and until satisfactory arrangements (as
          determined by the Committee) will have been made by the Employee with respect to
          the payment of income and employment taxes which the Company determines must be
          withheld with respect to such Shares. The Committee, in its sole discretion and
          pursuant to such procedures as it may specify from time to time, may permit the
          Employee to satisfy such tax withholding obligation, in whole or in part by (a)
          electing to have the Company withhold otherwise deliverable Shares of Restricted
          Stock, or (b) delivering to the Company already vested and owned Shares having a
          fair market value equal to the minimum amount required to be withheld. If
          Employee makes an election under Section 83(b) of the Code, or any successor
          section thereto, to be taxed with respect to the Restricted Stock as of the date
          of grant of the Restricted Stock rather than as of the date or dates upon which
          Employee would otherwise be taxable under Section 83(a) of the Code, Employee
          shall deliver a copy of such election to the Company immediately after filing
          such election with the Internal Revenue Service, together with any tax
          withholding required by the Committee. Neither Company nor any Affiliate nor the
          Committee makes any commitment or guarantee that any federal or state tax
          treatment will apply or be available to any person eligible for benefits under
          this Agreement. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Rights as Stockholder</U>. Neither the Employee nor any person claiming under
          or through the Employee will have any of the rights or privileges of a
          stockholder of the Company in respect of any Restricted Shares deliverable
          hereunder unless and until certificates representing such Shares will have been
          issued, recorded on the records of the Company or its transfer agents or
          registrars, and delivered to the Employee or the Escrow Agent. Except as
          provided in Section 10 and subject to Section 7.4 of the Plan, after such
          issuance, recordation and delivery, the Employee will have all the rights of a
          stockholder of the Company with respect to voting such Restricted Shares and
          receipt of dividends and distributions on such Shares. Employee hereby consents
          and agrees to electronic delivery of any Plan documents, proxy materials, annual
          reports and other related documents. If the Company establishes procedures for
          an electronic signature system for delivery and acceptance of Plan documents
          (including documents relating to any programs adopted under the Plan), Employee
          hereby consents to such procedures and agrees that his or her electronic
          signature is the same as, and shall have the same force and effect as, his or
          her manual signature. Employee consents and agrees that any such procedures and
          delivery may be effected by a third party engaged by the Company to provide
          administrative services related to the Plan, including any program adopted under
          the Plan. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Changes in Shares</U>. In the event of any merger, reorganization,
          consolidation, recapitalization, separation, liquidation, stock dividend,
          split-up, Share combination, or other change in the corporate structure of the
          Company affecting the Shares, the Shares will be increased, reduced or otherwise
          changed, and by virtue of any such change the Employee will in his capacity as
          owner of unvested Shares of Restricted Stock that have been awarded to him (the
          &#147;Prior Shares&#148;) be entitled to new or additional or different shares
          of stock, cash or securities (other than rights or warrants to purchase
          securities); such new or additional or different shares, cash or securities will
          thereupon be considered to be unvested Restricted Stock and will be subject to
          all of the conditions and restrictions which were applicable to the Prior Shares
          pursuant to this Agreement. If the Employee receives rights or warrants with
          respect to any Prior Shares, such rights or warrants may be held or exercised by
          the Employee, provided that until such exercise any such rights or warrants and
          after such exercise any shares or other securities acquired by the exercise of
          such rights or warrants will be considered to be unvested Restricted Stock and
          will be subject to all of the conditions and restrictions which were applicable
          to the Prior Shares pursuant to this Agreement. The Committee in its absolute
          discretion at any time may accelerate the vesting of all or any portion of such
          new or additional shares of stock, cash or securities, rights or warrants to
          purchase securities or shares or other securities acquired by the exercise of
          such rights or warrants. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Additional Conditions to Release from Escrow</U>. If at any time the Company
          will determine, in its discretion, that the listing, registration or
          qualification of the Shares of Restricted Stock upon any securities exchange or
          under any state or federal law, or the consent or approval of any governmental
          regulatory authority is necessary or desirable as a condition to the release of
          such Shares from the escrow established pursuant to paragraph 3, such release
          will not occur unless and until such listing, registration, qualification,
          consent or approval will have been effected or obtained free of any conditions
          not acceptable to the Company. The Company will make all reasonable efforts to
          meet the requirements of any such state or federal law or securities exchange
          and to obtain any such consent or approval of any such governmental authority. </FONT></P>

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<A NAME=A022></A>
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="5%">
                    <p align="left"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                    III </FONT></b></TD>
                    <TD ALIGN=LEFT WIDTH="1%"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT>
                    </b></TD>
                    <TD WIDTH="94%"><P ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                    Terms and conditions of option grants </FONT></b></P></TD>
                    </TR>
                    </TABLE>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Exercise of Options</U>. Subject to such other limitations as may be provided
          by the Committee, the Options granted in this Agreement may be exercised as
          follows: </FONT></P>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The aggregate number of Shares optioned by this Agreement shall be divided into
                    installments, as follows. The first installment, which shall be in an amount
                    equal to twenty five percent (25%) of the Shares optioned hereunder, shall be
                    exercisable, in whole or in part, commencing one (1) year from the Option Date;
                    the second installment, which shall be in an amount equal to twenty five percent
                    (25%) of the Shares optioned hereunder, shall be exercisable, in whole or in
                    part, commencing two (2) years from the Option Date; the third installment,
                    which shall be in an amount equal to twenty five percent (25%) of the Shares
                    optioned hereunder, shall be exercisable, in whole or in part, commencing three
                    (3) years from the Option Date; and the fourth installment, which shall be in an
                    amount equal to twenty five percent (25%) of the Shares optioned hereunder,
                    shall be exercisable, in whole or in part, commencing four (4) years from the
                    Option Date. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    To the extent not exercised, Options shall continue to be exercisable by the
                    Optionee, in whole or in part, at any subsequent date included in the Option
                    Period, but not later than the expiration of the Option Period. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    No less than ten (10) shares may be purchased upon any one exercise of an Option
                    granted by this Agreement unless the number of shares purchased at such time is
                    the total number of shares in respect of which the Options granted under this
                    Agreement is then exercisable. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>d) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    No Option granted by this Agreement shall be exercisable for a fractional share. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <p>
                    <BR>


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</p>
<HR SIZE=5 COLOR=GRAY NOSHADE>



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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Method of Exercising Options and Payment of Option Price</U>. </FONT></P>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The Option granted by this Agreement shall be exercised by the Optionee by
                    delivering to the Secretary of the Company, from time to time, on any business
                    day (the &#147;Exercise Date&#148;), written notice specifying the number of
                    shares the Optionee then desires to purchase (the &#147;Notice&#148;), together
                    with cash, check or bank draft to the order of the Company for an amount in U.S.
                    Dollars equal to the option price for the number of shares specified in the
                    Notice (the &#147;Total Option Price&#148;), such payment to be delivered with
                    the Notice. However, the Committee may, in its discretion, (i) allow payment, in
                    whole or in part, through the delivery of shares of Common Stock which have been
                    owned by the Optionee for at least six months, duly endorsed for transfer to the
                    Company with a fair market value on the date of delivery equal to the aggregate
                    option price of the Option (or the exercised portion thereof); (ii) allow
                    payment, in whole or in part, through the surrender of shares of Common Stock
                    then issuable upon exercise of the Option having a fair market value on the date
                    of Option exercise equal to the aggregate exercise price of the Option (or
                    exercised portion thereof); (iii) allow payment, in whole or in part, through
                    the delivery of a notice that the Optionee has placed a market sell order with a
                    broker with respect to shares of Common Stock then issuable upon exercise of the
                    Option, and that the broker pays a sufficient portion of the net proceeds of the
                    sale to the Company in satisfaction of the Option exercise price; or (iv) allow
                    payment through any combination of the consideration provided in the foregoing
                    items (i), (ii) and (iii). </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The Notice, at the option of the Company, shall also state
                    the following: </FONT></P></TD>
                    </TR>
                    </TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="90%">&nbsp;</TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
I
represent and warrant that I am purchasing these shares solely with a view to bona fide
investment for my own individual account and not with any present intention to resell the
same. I further represent and warrant that I will dispose of said shares only in
compliance with the applicable federal and state laws or regulations relating to the sale
of securities. </FONT></TD>
</TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Within fifteen (15) business days after the Exercise Date, the Company shall,
                    subject to the receipt of withholding tax, if any, issue to the Optionee the
                    number of shares with respect to which such Option was exercised, and shall
                    deliver to the Optionee a certificate (or certificates) therefor. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <p>
                    <BR>

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     <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Termination</U>. The Options granted by this Agreement shall terminate and be
          of no force or effect at the close of business on the fifth anniversary of the
          Option Date, unless terminated prior to such time as provided below. If the
          Optionee ceases employment with the Company or an Affiliate, the Optionee&#146;s
          Options shall terminate or be exercisable as follows: </FONT>
<BR>
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               </p>
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    General. If the Optionee ceases employment with the Company or an Affiliate for
                    any reason other than the Participant&#146;s Approved Retirement, death or
                    Disability, his/her Options shall terminate immediately. For purposes of this
                    Agreement: (i) a transfer of an employee from the Company to an Affiliate, from
                    an Affiliate to the Company or between Affiliates or (ii) a leave of absence,
                    duly authorized in writing by the Company and approved by the Committee shall
                    not be deemed a termination of employment. For purposes of the Plan termination
                    of employment shall be considered to occur on the date on which an Employee is
                    no longer obligated to perform services for the Company or any of its Affiliates
                    and the Employee&#146;s right to reemployment is not guaranteed either by
                    statute or contract, regardless of whether the employee continues to receive
                    compensation from the Company or any of its Affiliates after such date. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Notwithstanding Section 3(a) of this Part III: </FONT></P></TD>
                    </TR>
                    </TABLE>
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%">&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH="5%">&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%">&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH="5%">&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>i. </FONT></TD>
                    <TD ALIGN=LEFT WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Approved Retirement. If the Optionee ceases to be an Employee during the
                    applicable vesting period due to (i) retirement at or after age 65, or (ii)
                    retirement at an age not younger than age 55 and with the Company&#146;s
                    consent, all Options granted under this Agreement shall thereupon fully vest,
                    and the Employee may exercise his/her Options for a period of three years after
                    such retirement unless such Options earlier expire by their terms. </FONT></P></TD>
                    </TR>
                    </TABLE>
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%">&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH="5%">&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ii. </FONT></TD>
                    <TD ALIGN=LEFT WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Death or Disability. If the Optionee ceases to be an Employee during the
                    applicable vesting period due to death or Disability, all Options granted under
                    this Agreement shall thereupon fully vest, and the Employee (or the beneficiary
                    or personal representative of a deceased Employee) may exercise his/her Options
                    for a period of three years after the date of death or Disability (whichever
                    occurs first) unless such Options earlier expire by their terms. </FONT></P></TD>
                    </TR>
                    </TABLE>
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%">&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH="5%">&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>iii. </FONT></TD>
                    <TD ALIGN=LEFT WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Change in Control. If there is a Change in Control after the date on which the
                    Plan has been adopted by the Board and approved by the shareholders, then all
                    Options granted under this Agreement shall thereupon fully vest, and the
                    Employee may exercise his/her Options for a period of three years after such
                    date unless such Options earlier expire by their terms. </FONT></P></TD>
                    </TR>
                    </TABLE>
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%">&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH="5%">&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>iv. </FONT></TD>
                    <TD ALIGN=LEFT WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The Committee, in its discretion, may accelerate the vesting of some or all
                    unvested Options at any time. If so accelerated, such Options will be considered
                    as having vested as of the date specified by the Committee and may be exercised
                    within the period of time specified by the Committee; provided that the
                    Committee may not extend the time for exercise beyond the date when such Options
                    expire by their terms.. </FONT></P></TD>
                    </TR>
                    </TABLE>
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Assignability</U>. Except as otherwise provided in this Agreement or in the
          Plan, this Option is not transferable by the Optionee otherwise than by will,
          the laws of descent and distribution, or by designation of beneficiary and it is
          exercisable during the Optionee&#146;s lifetime only by the Optionee. No
          assignment or transfer of this Option, or of the rights represented thereby,
          whether voluntary or involuntary, by operation of law or otherwise, except by
          will, the laws of descent and distribution, or by designation of beneficiary,
          shall vest in the assignee or transferee any interest or right herein
          whatsoever, but immediately upon any attempt to assign or transfer this Option
          the same shall terminate and be of no force or effect. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Rights as a Stockholder</U>. The Optionee shall not be deemed for any purpose
          to be a stockholder of the Company with respect to the shares represented by
          this Option until this Option shall have been exercised, and payment and stock
          issuance have occurred as provided above, and the Optionee&#146;s name has been
          entered as a stockholder of record on the books of the Company. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Company Rights</U>. The existence of this Option shall not affect in any way
          the right or power of the Company or its stockholders to make or authorize any
          or all adjustments, recapitalizations, reorganizations, or other changes in the
          Company&#146;s capital structure or its business, or any merger or consolidation
          of the Company, or any issue of bonds, debentures, preferred or other stocks
          with preference ahead of or convertible into, or otherwise affecting the Common
          Stock of the Company or the rights thereof, or the dissolution or liquidation of
          the Company, or any sale or transfer of all or any part of the Company&#146;s
          assets or business, or any other corporate act or proceeding, whether of a
          similar character or otherwise. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Recapitalization; Merger and Consolidation</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 2" FSL="Default" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    If the shares of the Company&#146;s Stock as a whole are increased, decreased,
                    or changed into or exchanged for a different number or kind of shares or
                    securities of the Company, whether through merger, consolidation,
                    reorganization, recapitalization, reclassification, stock dividend, stock split,
                    combination of shares, exchange of shares, change in corporate structure, or the
                    like, an appropriate and proportionate adjustment shall be made in the number
                    and kinds of shares of Stock subject to the Plan and in the number, kinds, and
                    per share exercise price of shares subject to unexercised Options or portions
                    thereof granted prior to any such change. Any such adjustment in an outstanding
                    Option, however, shall be made without a change in the total price applicable to
                    the unexercised portion of the Option, but with a corresponding adjustment in
                    the price for each share of Stock covered by the Option. No fractional shares
                    shall be issued as a result of any such adjustment. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%>&nbsp;</TD>
                    <TD ALIGN=LEFT WIDTH=3%>&nbsp;</TD>
                    <TD WIDTH=91%>&nbsp;</TD>
                    </TR>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Upon dissolution or liquidation of the Company, or upon reorganization, merger,
                    or consolidation in which the Company is not the surviving corporation, or upon
                    the sale of substantially all the property of the Company to another
                    corporation, the Plan and the Options issued thereunder shall terminate, unless
                    provision is made in connection with such transaction for the assumption of
                    Options theretofore granted, or the substitution for such Options of new options
                    of the successor employer corporation or a parent or subsidiary thereof, with
                    appropriate adjustment as to the number and kinds of shares and the per share
                    exercise prices. In the event of such termination, all outstanding Options shall
                    vest and shall be exercisable in full for at least forty-five (45) days prior to
                    the termination date whether or not otherwise exercisable during such period but
                    not later than the date the Option otherwise would expire. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <p>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Tax Withholding</U>. The Company shall have the right to deduct from any
          payment due to Optionee any taxes which it deems are required by law to be
          withheld. </FONT>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     </p>
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>General</U>. The Company shall at all times during the term of the Option
          reserve and keep available such number of shares of Stock as will be sufficient
          to satisfy the requirements of the Plan, shall pay all original issue and
          transfer taxes with respect to the issue and transfer of shares pursuant to this
          Agreement and all other fees and expenses necessarily incurred by the Company in
          connection with this Agreement, and will from time to time use its best efforts
          to comply with all laws and regulations which, in the opinion of counsel for the
          Company, shall be applicable thereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Regulatory Compliance</U>. No Stock shall be issued under this Agreement
          until the Company has received all necessary regulatory approvals and has taken
          all necessary steps to assure compliance with federal and state securities laws
          or has determined to its satisfaction and the satisfaction of its counsel that
          an exemption from the requirements of the federal and applicable state
          securities laws are available. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A023></A>
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="5%">
                    <p align="left"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                    IV </FONT></b></TD>
                    <TD ALIGN=LEFT WIDTH="1%"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT>
                    </b></TD>
                    <TD WIDTH="94%"><P ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                    Terms and conditions of Performance Awards</FONT></b></P></TD>
                    </TR>
                    </TABLE>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Incorporation by Reference</U>. Article VIII of the Plan and the accompanying
          Notification set forth the terms and conditions regarding the issuance of
          Performance-Based Shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Changes in Applicable Terms and Conditions</U>. Determinations as to whether
          performance criteria have been met for the award period shall be made by
          adjusting actual audited operating results in the particulars described below,
          subject to the conditions hereinafter stated: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS
PER SHARE AND OPERATING MARGINS EXCLUSIONS: </FONT></P>

               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><font size="2">Restructuring charges
                    including:</font></TD>
                    </TR>
                    </TABLE>
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="8%">
                    <font face="Times New Roman, Times, Serif" size="2">a.</font></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="89%"><font size="2">Write-downs of Fixed Assets</font></TD>
                    </TR>
                    </TABLE>
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="8%">
                    <font face="Times New Roman, Times, Serif" size="2">b.</font></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="89%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Inventory write-offs including those under APB 16</FONT></TD>
                    </tr>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="8%">
                    <font face="Times New Roman, Times, Serif" size="2">c.</font></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="89%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Severance costs</FONT></TD>
                    </tr>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="8%">
                    <font face="Times New Roman, Times, Serif" size="2">d.</font></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="89%">
                    <font face="Times New Roman, Times, Serif" size="2">Stay
                    Bonuses</font></TD>
                    </tr>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="8%">
                    <font face="Times New Roman, Times, Serif" size="2">e.</font></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="89%">
                    <font face="Times New Roman, Times, Serif" size="2">Moving
                    Cost (equipment, inventory and personal)</font></TD>
                    </tr>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="8%">
                    <font face="Times New Roman, Times, Serif" size="2">f.</font></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="89%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Additional charges for reserves related to Medical &amp; Workers
                    Compensation related to restructurings</FONT></TD>
                    </TR>
                    </TABLE>

               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Impact from changes in accounting, voluntary or involuntary<BR>
                    (Accumulated effect of accounting change adjustments no
                    longer required or allowed).</FONT></TD>
                    </tr>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><font size="2">Gain or losses on the
                    disposal of a business or Asset Held for Sale as defined by GAAP.</font></TD>
                    </tr>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><font size="2">Extraordinary items as
                    defined by GAAP.
<!-- MARKER FORMAT-SHEET="Para (List) Flush Level 3" FSL="Default" -->
                    </font></TD>
                    </tr>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    All the impacts relating to FIN 46 and the consolidation of
                    the VIE&#146;s. </FONT></TD>
                    </tr>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Actuarial adjustments to Captive Insurance reserves
                    resulting from a change in accounting procedures or
                    assumptions.</FONT></TD>
                    </tr>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The effect of any changes in the statutory income tax rates
                    and the impact to the deferred taxes and current tax
                    provision. </FONT></TD>
                    </tr>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Impact of any reclassifications of current accounting
                    treatment that would change revenue, operating versus
                    non-operating classification, etc. </FONT></TD>
                    </tr>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Realized investments gains or losses from the LADD ERP Rabbi
                    Trust.</FONT></TD>
                    </tr>
                    <tr>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The effect of stock splits, stock dividends, or stock
                    offerings.</FONT></TD>
                    </tr>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The effect of acquisitions occurring during a performance
                    cycle, except Retail acquisitions. </FONT></TD>
                    </TR>
                    </TABLE>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </I>
A/R &amp; INVENTORY MANAGEMENT EXCLUSIONS: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->

               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH="4%">
                    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH="3%">&nbsp;</TD>
                    <TD WIDTH="93%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Any Change in accounting impacting A/R and/or Inventory
                    valuations. </FONT></TD>
                    </TR>
                    </TABLE>
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>SALES
     GROWTH EXCLUSIONS: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 3" FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
          <TD WIDTH="93%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The impacts relating to FIN 46 and the consolidation of the VIE&#146;s. </FONT></P></TD>
          </TR>
          </TABLE>
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
          <TD WIDTH="93%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Impact of companies in the peer basket who cease to report publicly (peer group
          basket same as Proxy peer group, excluding Bush Industries, but including
          Hooker). </FONT></P></TD>
          </TR>
          </TABLE>
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
          <TD ALIGN=LEFT WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
          <TD WIDTH="92%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Impact of entities acquired or disposed during a performance cycle, except
          Retail acquisitions. </FONT></P></TD>
          </TR>
          </TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="97%">&nbsp;</TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH="97%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Such
criteria shall be applied and such adjustments shall be made only to the extent consistent
with the terms of the Plan document and the requirements of Internal Revenue Code Section
162(m) and regulations thereunder. </FONT></TD>
</TR>
</TABLE>
<p>
<BR></p>
<HR color=black noShade SIZE=2>

<p><A
name=A039><FONT face="Times New Roman, Times, Serif" size=2><B>Exhibit 31.1
</B></FONT></A>
</p>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>CERTIFICATIONS
OF CHIEF EXECUTIVE OFFICER <BR>PURSUANT TO RULE 13a-14(a)</FONT></P><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>I, Kurt L. Darrow, certify
that: </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;
I have reviewed this quarterly report on Form 10-Q of La-Z-Boy Incorporated;
</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;
Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;
Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report; </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;
The registrant&#146;s other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have: </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;
Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;</FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;
Evaluated the effectiveness of the registrant&#146;s disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;
Disclosed in this report any change in the registrant&#146;s internal control over
financial reporting that occurred during the registrant&#146;s most recent fiscal
quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting; and </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;
The registrant&#146;s other certifying officer(s) and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
registrant&#146;s auditors and the audit committee of registrant&#146;s board of directors
(or persons performing the equivalent functions): </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect the registrant&#146;s ability to record, process, summarize and
report financial information; and </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant&#146;s internal control over financial
reporting. </FONT></P>
<P><BR></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TH>&nbsp;</TH>
    <TH>&nbsp;</TH></TR>
  <TR vAlign=top>
    <TD width="35%"><FONT face="Times New Roman, Times, Serif" size=2>Date:
      August 22, 2005 </FONT></TD>
    <TD width="65%"><FONT face="Times New Roman, Times, Serif" size=2><U>/s/
    Kurt L. Darrow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;</U><BR>Kurt L. Darrow<BR>Chief Executive Officer
  </FONT></TD></TR></TABLE>
<P><BR><BR><BR><!-- MARKER PAGE="sheet: 8; page: 8" --></P>
<HR color=black noShade SIZE=2>

<P style="PAGE-BREAK-AFTER: always"></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>Exhibit 31.2
</B></FONT></P><!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>CERTIFICATIONS
OF CHIEF FINANCIAL OFFICER <BR>PURSUANT TO RULE 13a-14(a)</FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>I, David M.
Risley, certify that: </FONT></P><!-- MARKER FORMAT-SHEET="Para Hang" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;
I have reviewed this quarterly report on Form 10-Q of La-Z-Boy Incorporated;
</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;
Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;
Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report; </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;
The registrant&#146;s other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have: </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;
Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;</FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;
Evaluated the effectiveness of the registrant&#146;s disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;
Disclosed in this report any change in the registrant&#146;s internal control over
financial reporting that occurred during the registrant&#146;s most recent fiscal
quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting; and </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;
The registrant&#146;s other certifying officer(s) and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
registrant&#146;s auditors and the audit committee of registrant&#146;s board of directors
(or persons performing the equivalent functions): </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect the registrant&#146;s ability to record, process, summarize and
report financial information; and </FONT></P><!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant&#146;s internal control over financial
reporting. </FONT></P>
<P><BR></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TH>&nbsp;</TH>
    <TH>&nbsp;</TH></TR>
  <TR vAlign=top>
    <TD width="35%"><FONT face="Times New Roman, Times, Serif" size=2>Date:
      August 22, 2005 </FONT></TD>
    <TD width="65%"><FONT face="Times New Roman, Times, Serif" size=2><U>/s/
    David M. Risley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;</U><BR>David M. Risley<BR>Chief Financial Officer
      </FONT></TD></TR></TABLE>
<P><BR><BR><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" --></P>
<HR color=black SIZE=2>

<P style="PAGE-BREAK-AFTER: always"></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>EXHIBIT (32)
</FONT></P><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>CERTIFICATION
OF EXECUTIVE OFFICERS* </FONT></P><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to 18 U.S.C.
section 1350, each of the undersigned officers of La-Z-Boy Incorporated (the
&#147;Company&#148;) hereby certifies, to such officer&#146;s knowledge, that the Company&#146;s
Quarterly Report on Form 10-Q for the period ended July 30, 2005 (the &#147;Report&#148;)
fully complies with the requirements of section 13(a) or 15(d), as applicable,
of the Securities Exchange Act of 1934 and the information contained in the
Report fairly presents, in all material respects, the financial condition and
results of operations of the Company. </FONT></P>
<P><FONT face="Times New Roman" size=2><U>/s/ Kurt L. Darrow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Kurt L. Darrow<BR>President and Chief Executive
Officer<BR>August 22, 2005 </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><U>/s/ David M.
Risley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U><BR>David M. Risley<BR>Senior Vice President and Chief Financial
Officer<BR>August 22, 2005</FONT></P><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" --><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>*The foregoing
certification is being furnished solely pursuant to 18 U.S.C. section 1350 and
is not being filed as part of the Report or as a separate disclosure document.
</FONT></P>
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