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<SEC-DOCUMENT>0000899681-06-000530.txt : 20060829
<SEC-HEADER>0000899681-06-000530.hdr.sgml : 20060829
<ACCEPTANCE-DATETIME>20060829153739
ACCESSION NUMBER:		0000899681-06-000530
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060829
DATE AS OF CHANGE:		20060829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYSTEMAX INC
		CENTRAL INDEX KEY:			0000945114
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				113262067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13792
		FILM NUMBER:		061062496

	BUSINESS ADDRESS:	
		STREET 1:		22 HARBOR PARK DR
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5166087000

	MAIL ADDRESS:	
		STREET 1:		22 HARBOR PARK DRIVE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL DIRECTMAIL CORP
		DATE OF NAME CHANGE:	19950509
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>systemax-10k_070506.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>10-K</TITLE>
</HEAD>
<BODY>

<HR SIZE=1 NOSHADE>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>SECURITIES AND EXCHANGE COMMISSION<BR>
<U>WASHINGTON, D.C. 20549</U> </B></FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B>FORM 10-K </B></FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><B>(Mark One)</B></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25% ALIGN=LEFT>[ X ]</TD>
<TD WIDTH=50% ALIGN=CENTER>
ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934<BR>
<B>For the fiscal year ended December 31, 2005</B></TD>
<TD WIDTH=25% ALIGN=LEFT></TD>
</TR>
</TABLE>
<BR>



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<P ALIGN=CENTER><FONT SIZE=3>or</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25% ALIGN=LEFT>[&nbsp;&nbsp;&nbsp; ] </TD>
<TD WIDTH=50% ALIGN=CENTER>
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECURITIES EXCHANGE ACT OF 1934</TD>
<TD WIDTH=25% ALIGN=LEFT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
For the transition period from _________ to ___________<BR>
Commission File Number:<BR>
1-13792 </FONT></TD>
<TD WIDTH=25% ALIGN=LEFT></TD>
</TR>
</TABLE>
<BR>

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     <P ALIGN=CENTER>________________________ </P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Systemax Inc.</B><BR>
(Exact name of registrant as specified in its charter)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=CENTER>
<B>Delaware</B><BR>
(State or other jurisdiction of<BR>
incorporation or organization)</TD>
<TD WIDTH=50% ALIGN=CENTER>
<B>11-3262067</B><BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>11 Harbor Park Drive<BR>
Port Washington, New York 11050</B><BR>
(Address of principal executive offices, including zip code) </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Registrant&#146;s
telephone number, including area code: (516) 608-7000 </FONT></H1>

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     <P ALIGN=CENTER>_____________________ </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Securities registered
pursuant to Section 12(b) of the Act: </FONT></H1>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=CENTER>
<B><U>Title of each class</U></B><BR>
Common Stock, par value $ .01 per share
</TD>
<TD WIDTH=50% ALIGN=CENTER>
<B>Name of each exchange on<BR>
<U>which registered</U></B><BR>
New York Stock Exchange
</TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Head Minor Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Securities registered pursuant
to Section 12(g) of the Act: NONE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER>_________________ </P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes [&nbsp;&nbsp; ]
No [X]</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes [&nbsp;&nbsp;  ] No [X]</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;
 Yes [&nbsp;&nbsp; ] No [X] </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is
not contained herein, and will not be contained, to the best knowledge of the registrant,
in definitive proxy or information statements incorporated by reference in Part III of
this Form 10-K or any amendment of this Form 10-K. [X] </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, or a non-accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Large accelerated filer [ ]
Accelerated filer [ ] Non-accelerated filer [X] </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a shell
company (as defined in Exchange Act Rule 12b-2). Yes [ ] No [X] </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; The aggregate market value of the voting stock held by
non-affiliates of the registrant as of June 30, 2005, which is the last business
day of the registrant&#146;s most recently completed second fiscal quarter, was
approximately $63,158,000. For purposes of this computation, all executive
officers and directors of the Registrant and all parties to the Stockholders
Agreement dated as of June 15, 1995 have been deemed to be affiliates. Such
determination should not be deemed to be an admission that such persons are, in
fact, affiliates of the Registrant.
</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares outstanding of the registrant&#146;s common stock as of July 31,
2006 was 35,021,391 shares. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Documents incorporated by reference: None.</FONT></P>

<HR SIZE=1 NOSHADE>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Explanatory Note </FONT></H1>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>
The filing of this Annual Report on Form 10-K was delayed because of the
extensive additional work necessary to complete our previously-announced
restatement of our Consolidated Financial Statements for the year ended December
31, 2004 and the need to engage a new independent registered public accounting
firm as a result of the resignation of Deloitte &amp; Touche LLP. The
restatement is set forth in our amendment to our 2004 Annual Report on
Form&nbsp;10-K/A, filed on November 22, 2005. The Consolidated Balance Sheet as
of December 31, 2004, the Consolidated Statements of Operations,
Shareholders&#146; Equity and Cash Flows for the years ended December&nbsp;31,
2004 and 2003 and the Selected Financial Data for the years ended December 31,
2004, 2003, 2002 and 2001 in Item 6 in this report are presented as previously
restated. For information on the restatement and the impact of the restatement
on our financial statements we refer you to Item&nbsp;8, &#147;Financial
Statements and Supplementary Data,&#148; Note&nbsp;2, &#147;Restatement of
Previously Filed Financial Statements.&#148;</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B><U>TABLE OF CONTENTS</U> </B></FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT>Part I<BR>
&nbsp;&nbsp;&nbsp;Item 1.</TD>
<TD WIDTH=75%><BR>
Business</TD>
<TD WIDTH=15% ALIGN=LEFT><BR>2</TD>
</TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT></TD>
<TD WIDTH=70%>
General<BR>
Recent Developments<BR>
Products<BR>
Sales and Marketing<BR>
Customer Service, Order Fulfillment and Support<BR>
Suppliers<BR>
Research and Development<BR>
Competition and Other Market Factors<BR>
Employees<BR>
Environmental Matters<BR>
Financial Information About Foreign and Domestic Operations<BR>
Available Information
</TD>
<TD WIDTH=15% ALIGN=LEFT>
2<BR>
3<BR>
3<BR>
4<BR>
5<BR>
6<BR>
6<BR>
6<BR>
7<BR>
7<BR>
7<BR>
8
</TD>
</TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT>
&nbsp;&nbsp;&nbsp;Item 1A.  <BR>
&nbsp;&nbsp;&nbsp;Item 1B.<BR>
&nbsp;&nbsp;&nbsp;Item 2. <BR>
&nbsp;&nbsp;&nbsp;Item 3. <BR>
&nbsp;&nbsp;&nbsp;Item 4. <BR>
Part II <BR>
&nbsp;&nbsp;&nbsp;Item 5. <BR>
<BR>
&nbsp;&nbsp;&nbsp;Item 6. <BR>
&nbsp;&nbsp;&nbsp;Item 7. <BR>
&nbsp;&nbsp;&nbsp;Item 7A.<BR>
&nbsp;&nbsp;&nbsp;Item 8. <BR>
&nbsp;&nbsp;&nbsp;Item 9. <BR>
&nbsp;&nbsp;&nbsp;Item 9A.<BR>
&nbsp;&nbsp;&nbsp;Item 9B.<BR>
Part III <BR>
&nbsp;&nbsp;&nbsp;Item 10.<BR>
&nbsp;&nbsp;&nbsp;Item 11.<BR>
&nbsp;&nbsp;&nbsp;Item 12.<BR>
<BR>
&nbsp;&nbsp;&nbsp;Item 13.<BR>
&nbsp;&nbsp;&nbsp;Item 14.<BR>
Part IV <BR>
&nbsp;&nbsp;&nbsp;Item 15.
</TD>
<TD WIDTH=75%>
Risk Factors<BR>
Unresolved Staff Comments<BR>
Properties<BR>
Legal Proceedings<BR>
Submission of Matters to a Vote of Security Holders<BR>
<BR>
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Equity Securities<BR>
Selected Financial Data<BR>
Management's Discussion and Analysis of Financial Condition and Results of Operations<BR>
Quantitative and Qualitative Disclosures About Market Risk<BR>
Financial Statements and Supplementary Data<BR>
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure<BR>
Controls and Procedures<BR>
Other Information<BR>
<BR>
Directors and Executive Officers of the Registrant<BR>
Executive Compensation<BR>
Security Ownership of Certain Beneficial Owners and Management and Related<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholder Matters<BR>
Certain Relationships and Related Transactions<BR>
Principal Accountant Fees and Services<BR>
<BR>
Exhibits, Financial Statements and Schedules<BR>
Signatures
</TD>
<TD WIDTH=15% ALIGN=LEFT>
&nbsp;9<BR>
15<BR>
15<BR>
15<BR>
17<BR>
  <BR>
  <BR>
18<BR>
19<BR>
20<BR>
30<BR>
31<BR>
31<BR>
31<BR>
34<BR>
  <BR>
34<BR>
36<BR>
  <BR>
38<BR>
39<BR>
40<BR>
  <BR>
41<BR>
  <BR>
45
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3>PART I</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; <I>Unless otherwise indicated, all references herein to
Systemax Inc. (sometimes referred to as &#147;Systemax&#148;, the
&#147;Company&#148; or &#147;we&#148;) include its subsidiaries</I>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><B> <I>Forward Looking Statements</I></B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>This report contains forward looking statements
within the meaning of that term in the Private Securities Litigation Reform Act
of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934). Additional written or oral forward looking
statements may be made by the Company from time to time, in filings with the
Securities and Exchange Commission or otherwise. Statements contained in this
report that are not historical facts are forward looking statements made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward looking statements may include, but are not limited
to, projections of revenue, income or loss and capital expenditures, statements
regarding future operations, financing needs, compliance with financial
covenants in loan agreements, plans for acquisition or sale of assets or
businesses and consolidation of operations of newly acquired businesses, and
plans relating to products or services of the Company, assessments of
materiality, predictions of future events and the effects of pending and
possible litigation, as well as assumptions relating to the foregoing. In
addition, when used in this discussion, the words &#147;anticipates,&#148;
&#147;believes,&#148; &#147;estimates,&#148; &#147;expects,&#148;
&#147;intends,&#148; and &#147;plans&#148; and variations thereof and similar
expressions are intended to identify forward looking statements</I>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Forward looking statements are inherently subject
to risks and uncertainties, some of which cannot be predicted or quantified
based on current expectations. Consequently, future events and results could
differ materially from those set forth in, contemplated by, or underlying the
forward looking statements contained in this report. Statements in this report,
particularly in &#147;Item 1. Business,&#148; &#147;Item 1A. Risk Factors,&#148;
&#147;Item 3. Legal Proceedings,&#148; &#147;Item 7. Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations,&#148;
and the Notes to Consolidated Financial Statements describe certain factors,
among others, that could contribute to or cause such differences</I>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 1. Business. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>General </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Systemax is a direct marketer of brand name and private
label products. Our operations are organized in two primary reportable business
segments &#150; Computer Products and Industrial Products. Computer Products
includes personal desktop computers (&#147;PCs&#148;), notebook computers,
computer related products and other consumer electronics products which are
marketed in North America and Europe. We assemble our own PCs and sell them
under the trademarks Systemax&#153; and Ultra&#153;. In addition, we market and
sell computers manufactured by other leading companies. Computers and computer
related products accounted for 92% of our net sales in 2005. Our Industrial
Products segment sells a wide array of material handling equipment, storage
equipment and consumable industrial items in North America. Industrial products
accounted for 8% of our net sales in 2005. In both of these product groups we
offer our customers a broad selection of products, prompt order fulfillment and
extensive customer service. We also participate in the emerging market for
on-demand, web-based business software applications through the marketing of our
PCS Profitability Suite&#153; of hosted software. See Note 12 to the
consolidated financial statements included in Item 15 of this Form 10-K for
additional financial information about our business segments as well as
information about our geographic operations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company was incorporated in Delaware in 1995. Certain predecessor businesses which now
constitute part of the Company have been in business since 1955. Our headquarters office
is located at 11 Harbor Park Drive, Port Washington, New York. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Recent Developments </FONT></H1>

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<P ALIGN=LEFT><FONT SIZE=3><I>Upgrade of Credit Facility</I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 27, 2005, we increased our committed
revolving credit facility from $70 million to an aggregate amount of up to $120
million. The enhanced facility is with a group of financial institutions and
certain additional lenders with JP Morgan Chase serving as Agent. This facility
also replaced a &pound;15 million United Kingdom facility and a &pound;5 million
term loan in the United Kingdom. The facility has a five year maturity and will
be available to the Company, its domestic subsidiaries and its United Kingdom
subsidiary. Borrowings under the facility are secured principally by accounts
receivable, inventory and certain other assets. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><I>Change in Independent Registered Public Accountants</I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 7, 2005, our independent
registered public accountants, Deloitte &amp; Touche LLP, notified us that they
would not stand for re-appointment as the Company&#146;s independent registered
public accountant for the year ended December 31, 2005. On December 9, 2005, the
Company engaged Ernst &amp; Young LLP as its independent registered public
accounting firm to audit the Company&#146;s consolidated financial statements as
of and for the year ended December 31, 2005. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><I>Restatement of Financial Statements</I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May 11, 2005, we announced that we would
restate our previously issued consolidated financial statements for the year
ended December 31, 2004 following the discovery of certain errors in accounting
for inventory at our Tiger Direct, Inc. subsidiary. In connection with this
restatement, the Company filed an amended Form 10-K for the year ended December
31, 2004 with the Securities and Exchange Commission on November 22, 2005. The
consolidated financial statements included herein and all related information
for the periods affected have been restated to reflect the corrections.
</FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><I>Restructuring Activities</I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continued to address the pressures of
competitive markets with the identification of opportunities for cost savings.
In early 2005, we announced that we were taking steps to increase the efficiency
and profitability of our European operations, including combining certain back
office operations in the United Kingdom, to provide better customer service and
reduce costs. These actions resulted in the elimination of approximately 240
positions and are expected to result in approximately $6.0 million in annual
savings. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Products </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer more than 100,000 brand name and
private label products. We endeavor to expand and keep current the breadth of
our product offerings in order to fulfill the increasingly wide range of product
needs of our customers. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our computer sales include Systemax PCs as well as
offerings of other brand name PCs, servers and notebook computers. Computer
related products include supplies such as laser printer toner cartridges and ink
jet printer cartridges; media such as recordable disks and magnetic tape
cartridges; peripherals such as hard disks, CD-ROM and DVD drives, printers and
scanners; memory upgrades; data communication and networking equipment;
monitors; digital cameras; plasma and LCD TVs, MP3 and DVD players, PDA&#146;s
and packaged software. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We assemble our Systemax brand PCs in our
297,000 square foot, ISO-9000-certified facility in Fletcher, Ohio. We purchase
components and subassemblies from suppliers in the United States as well as
overseas. Certain parts and components for our PCs are obtained from a limited
group of suppliers. We also utilize licensed technology and computer software in
the assembly of our PCs. For a discussion of risks associated with these
licenses and suppliers, see Item 1A, &#147;Risk Factors.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our industrial products include storage
equipment such as wire and metal shelving, bins and lockers; light material
handling equipment such as hand carts, forklifts and hand trucks; ladders,
furniture, small office machines and related supplies; and consumable industrial
products such as first aid items, safety items, protective clothing and OSHA
compliance items. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We began to market our ProfitCenter
Software&#153; suite of business applications in 2004. ProfitCenter
Software&#153; is a web-based application which is delivered as an on-demand
service over the internet. The product helps companies automate and manage their
entire customer life-cycle across multiple sales channels (internet, call
centers, outside salespersons, etc.). We have not recognized any revenues for
this service to date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer and computer-related products
accounted for 92% and industrial products accounted for 8% of our net sales for
each of the three years ended December 31, 2005, 2004 and 2003. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We market our products to both business
customers and individual consumers. Our business customers include large
businesses (customers with more than 1,000 employees), small and mid-sized
businesses (customers with 20 to 1,000 employees), educational organizations and
government entities. We have invested consistently and aggressively in
developing a proprietary customer and prospect database. We consider our
business customers to be the various individuals who work within an organization
rather than the business location itself. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have established a three-pronged system of
direct marketing to business customers, consisting of relationship marketers,
catalog mailings and propriety internet web sites, the combination of which is
designed to maximize sales. Our relationship marketers focus their efforts on
our business customers by establishing a personal relationship between such
customers and a Systemax account manager. The goal of the relationship marketing
sales force is to increase the purchasing productivity of current customers and
to actively solicit newly targeted prospects to become customers. With access to
the records we maintain of historical purchasing patterns, our relationship
marketers are prompted with product suggestions to expand customer order values.
In the United States, we also have the ability to provide such customers with
electronic data interchange (&#147;EDI&#148;) ordering and customized billing
services, customer savings reports and stocking of specialty items specifically
requested by these customers. Our relationship marketers&#146; efforts are
supported by frequent catalog mailings and e-mail campaigns designed to generate
inbound telephone sales, and our interactive websites, which allow customers to
purchase products directly over the Internet. We believe that the integration of
these three marketing methods enables us to more thoroughly penetrate our
business and government customer base. Increased internet exposure can lead to
more internet-related sales and can also generate more inbound telephone sales;
just as catalog mailings which feature our websites can result in greater
internet-related sales. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our growth in net sales continues to be
supported by strong growth in sales to individual consumers, particularly
through e-commerce means. To reach our consumer audience, we use methods such as
website campaigns, banner ads and e-mail campaigns. We are able to monitor and
evaluate the results of our various advertising campaigns to enable us to
execute them in a cost-effective manner. We combine our use of e-commerce
initiatives with catalog mailings, which generate calls to inbound sales
representatives. These sales representatives use our information systems to
fulfill orders and explore additional customer product needs. Sales to consumers
are generally fulfilled from our own stock, requiring us to carry more inventory
than we would for our business customers. We also periodically take advantage of
attractive product pricing by making opportunistic bulk inventory purchases with
the objective of turning them quickly into sales. We have also successfully
increased our sales to individual consumers by using retail outlet stores. We
currently have seven such retail locations in North America, which are located
in or near one of our existing sales and distribution centers, thereby
minimizing our operating costs. We presently plan to add two more retail
locations in 2006. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><I>E-commerce</I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
worldwide growth in active internet users has made e-commerce a significant opportunity
for sales growth. In 2005 we had approximately $650 million in internet-related sales, an
increase of $135 million, or 26%, from 2004. E-commerce sales represented 30.7% of total
revenue in 2005, compared to 26.7% in 2004. The increase in our internet sales enables us
to leverage our advertising spending, allowing us to reduce our printed catalog costs
while maintaining customer contact. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently operate multiple e-commerce sites,
including <U>www.systemaxpc.com</U><U></U>, <U>www.tigerdirect.com,
www.globalcomputer.com</U><U></U>, <U>www.misco.co.uk</U><U></U>,
<U>www.hcsmisco.fr</U>, www.misco.de and
<U>www.globalindustrial.co</U><U></U>, and we continually upgrade the capabilities
and performance of these web sites. Our internet sites feature on-line catalogs of
thousands of products, allowing us to offer a wider variety of computer and industrial
products than our printed catalogs. Our customers have around-the-clock, on-line access to
purchase products and we have the ability to create targeted promotions for our
customers&#146; interests. Many of our internet sites also permit customers to purchase
&#147;build to order&#148; PCs configured to their own specifications. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to our own e-commerce web sites, we have partnering agreements with several of
the largest internet shopping and search engine providers who feature our products on
their web sites or provide &#147;click-throughs&#148; from their sites directly to ours.
These arrangements allow us to expand our customer base at an economical cost. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><B>Catalogs</B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently produce a total of 22 full-line
and targeted specialty catalogs in North America and Europe under distinct
titles. Our portfolio of catalogs includes such established brand names as
<I>TigerDirect.com</I>&#153;, <I>Global Computer Supplies</I>&#153;,
<I>Misco</I>&reg;, <I>HCS Misco</I>&#153;, <I>Global Industrial</I>&#153;,
<I>ArrowStar</I>&#153; and <I>06</I>&#153;. Full-line computer product catalogs
offer products such as PCs, notebooks, peripherals, computer components,
magnetic media, data communication, networking and power protection equipment,
ergonomic accessories, furniture and software. Full-line industrial product
catalogs offer products such as material handling products and industrial
supplies. Specialty catalogs contain more focused product offerings and are
targeted to individuals most likely to purchase from such catalogs. We mail
catalogs to both businesses and consumers. In the case of business mailings, we
mail our catalogs to many individuals at a single business location, providing
us with multiple points-of-entry. Our in-house staff designs all of our
catalogs. In-house catalog production helps reduce overall catalog expense and
shortens catalog production time. This allows us the flexibility to alter our
product offerings and pricing and to refine our catalog formats more quickly.
Our catalogs are printed by third parties under fixed pricing arrangements. The
commonality of certain core pages of our catalogs also allows for economies in
catalog production. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
noted above, the increase in our internet sales allowed us to reduce the distribution of
our catalogs to 66 million, which was 26% fewer than in the prior year. We mailed
approximately 45 million catalogs in North America, a 12% reduction from last year and
approximately 21 million catalogs, or 44% fewer than 2004, were distributed in Europe. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Customer Service, Order
Fulfillment and Support </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generally provide toll-free telephone number access to our customers. Certain of our
domestic call centers are linked to provide telephone backup in the event of a disruption
in phone service. In addition to telephone orders, we also receive orders by mail, fax,
electronic data interchange and on the internet. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
large number of our products are carried in stock, and orders for such products are
fulfilled on a timely basis directly from our distribution centers, typically on the day
the order is received. We operate out of multiple sales and distribution facilities in
North America and Europe. The locations of our distribution centers enable us to provide
our customers next day or second day delivery. Orders are generally shipped by United
Parcel Service in the United States and by similar national small package delivery
services in Europe as well as by various freight lines and local carriers. The locations
of our distribution centers in Europe have enabled us to market into four additional
countries with limited incremental investment. We maintain relationships with a number of
large distributors in North America and Europe that also deliver products directly to our
customers. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
provide extensive technical telephone support to our Systemax brand PC customers. We
maintain a database of commonly asked questions for our technical support representatives,
enabling them to respond quickly to similar questions. We conduct regular on-site training
seminars for our sales representatives to help ensure that they are well trained and
informed regarding our latest product offerings. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
purchase the majority of our products and components directly from manufacturers and large
wholesale distributors. For the year ended December 31, 2005, no vendor accounted for more
than 10% of our purchases. For the year ended December 31, 2004, Tech Data Corporation
accounted for 12.2% and Ingram Micro Inc. accounted for 10.4% of our purchases. For the
year ended December 31, 2003, Tech Data Corporation accounted for 14.7% and Ingram Micro
Inc. accounted for 10.3% of our purchases. The loss of either of these vendors, or any
other key vendors, could have an adverse effect on us. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
private label products are manufactured by third parties to our specifications. Many of
these private label products have been designed or developed by our in-house research and
development teams. See &#147;Research and Development.&#148;</FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
research and development teams design and develop products for our private label
offerings. The individuals responsible for research and development have backgrounds in
engineering and industrial design. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
in-house capability provides important support to the private label offerings. Products
designed include PCs, servers, furniture, ergonomic monitor support arms, printer and
monitor stands, power supplies and other durable computer related products, storage racks
and shelving systems, various stock and storage carts, work benches, plastic bins and shop
furniture. We own the tooling for many of these products, including plastic bins, computer
accessories, furniture and metal alloy monitor arms. See &#147;Research and Development
Costs&#148; in Footnote 1 to the Consolidated Financial Statements for further
information. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Competition and Other
Market Factors </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<I>Computers and Computer Related Products</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
North American and European computer markets are highly competitive, with many U.S., Asian
and European companies vying for market share. There are few barriers of entry to the PC
market, with PCs being sold through the direct market channel, mass merchants, over the
internet and by computer and office supply superstores. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timely
introduction of new products or product features are critical elements to remaining
competitive in the PC market. Other competitive factors include product performance,
quality and reliability, technical support and customer service, marketing and
distribution and price. Some of our competitors have stronger brand-recognition, broader
product lines and greater financial, marketing, manufacturing and technological resources
than us. Additionally, our results could also be adversely affected should we be unable to
maintain our technological and marketing arrangements with other companies, such as
Microsoft&reg;, Intel&reg; and Advanced Micro Devices&reg;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
North American computer related products market is highly fragmented and characterized by
multiple channels of distribution including direct marketers, local and national retail
computer stores, computer resellers, mass merchants, computer and office supply
&#147;superstores&#148; and internet-based resellers. In Europe, our major competitors are
regional or country-specific retail and direct-mail distribution companies and
internet-based resellers. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
conditions in the market for computer related products remaining highly competitive,
continued reductions in retail prices may adversely affect our revenues and profits.
Additionally, we rely in part upon the introduction of new technologies and products by
other manufacturers in order to sustain long-term sales growth and profitability. There is
no assurance that the rapid rate of such technological advances and product development
will continue. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<I>Industrial Products</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
market for the sale of industrial products in North America is highly fragmented and is
characterized by multiple distribution channels such as retail outlets, small dealerships,
direct mail distribution, internet-based resellers and large warehouse stores. We also
face competition from manufacturers&#146; own sales representatives, who sell industrial
equipment directly to customers, and from regional or local distributors. Many high volume
purchasers, however, utilize catalog distributors as their first source of product. In the
industrial products market, customer purchasing decisions are primarily based on price,
product selection, product availability, level of service and convenience. We believe that
direct marketing via catalog, the internet and sales representatives is an effective and
convenient distribution method to reach mid-sized facilities that place many small orders
and require a wide selection of products. In addition, because the industrial products
market is highly fragmented and generally less brand oriented, it is well suited to
private label products. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December 31, 2005, we employed a total of 2,850 employees, including 2,730 full-time
and 121 part-time employees, of whom 1,764 were in North America and 1,086 were in Europe. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
various national, state and local environmental laws and regulations in North America and
Europe, a current or previous owner or operator (including the lessee) of real property
may become liable for the costs of removal or remediation of hazardous substances at such
real property. Such laws and regulations often impose liability without regard to fault.
We lease most of our facilities. In connection with such leases, we could be held liable
for the costs of removal or remedial actions with respect to hazardous substances.
Although we have not been notified of, and are not otherwise aware of, any material
environmental liability, claim or non-compliance, there can be no assurance that we will
not be required to incur remediation or other costs in connection with environmental
matters in the future. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Financial Information
About Foreign and Domestic Operations </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conduct our business in North
America (the United States and Canada) and Europe. Approximately 37.5% of our
net sales for the year ended December 31, 2005 were made by subsidiaries located
outside of the United States. For information pertaining to our international
operations, see Note 12, &#147;Segment and Related Information,&#148; to the
consolidated financial statements included in Item 15 of this Form 10-K. The
following sets forth selected information with respect to our operations in
those two geographic markets (in thousands): </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Europe</U></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>North America</U></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Total</U></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=43% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=14% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=14% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=14% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% 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><U> <I>2005</I></U> <BR>
<B>Net sales</B></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>$694,637</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>$1,420,881</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>$2,115,518</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Income (loss) from operations</B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$(4,603</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>$39,412</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>$34,809</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><B>Identifiable assets</B></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>$142,174</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>$362,370</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>$504,544</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>&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=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><U> <I>2004</I></U> <BR>
Net sales</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>$695,695</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>$1,232,452</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>$1,928,147</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income (loss) from operations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$(12,376</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>$31,375</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>$18,999</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>Identifiable assets</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>$169,912</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>$313,284</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>$483,196</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>&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=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><U> <I>2003</I></U> <BR>
Net sales</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>$631,048</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>$1,024,688</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>$1,655,736</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income (loss) from operations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$(5,251</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>$14,401</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>$9,150</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>Identifiable assets</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>$140,319</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>$304,941</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>$445,260</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See Item 7, Management&#146;s Discussions
and Analysis of Financial Condition and Results of Operations, for further
information with respect to our operations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Available Information </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
maintain an internet web site at <U>www.systemax.com</U>. We file reports with the
Securities and Exchange Commission and make available free of charge on or through this
web site our annual reports on Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K, including all amendments to those reports. These are available as
soon as is reasonably practicable after they are filed with the SEC. All reports mentioned
above are also available from the SEC&#146;s web site (<U>www.sec.gov</U>). The
information on our web site is not part of this or any other report we file with, or
furnish to, the SEC. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board of Directors has adopted the following corporate governance documents with respect
to the Company (the &#147;Corporate Governance Documents&#148;): </FONT></P>

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&#149;<BR>
&#149;<BR>
&#149;<BR>
&#149;
</TD>
<TD WIDTH=90%>
Corporate Ethics Policy for officers, directors and employees<BR>
Charter for the Audit Committee of the Board of Directors<BR>
Charter for the Compensation Committee of the Board of Directors<BR>
Charter for the Nominating/Corporate Governance Committee of the Board of Directors<BR>
Corporate Governance Guidelines and Principles</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the corporate
governance rules of the New York Stock Exchange, each of the Corporate
Governance Documents is available on our Company web site
(<U>www.systemax.com</U>) or can be obtained by writing to Systemax Inc.,
Attention: Board of Directors (Corporate Governance), 11 Harbor Park Drive, Port
Washington, NY 11050. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 1A. Risk Factors. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are a number of factors and variables
described below that may affect our future results of operations and financial
condition. Other factors of which we are currently not aware or that we
currently deem immaterial may also affect our results of operations and
financial position. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Risks Related to Our
Industry </FONT></H1>

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<I>Economic conditions have affected and could continue to adversely affect our
revenues and profits</I>.<BR>
<BR>
Both we and our customers are subject to global political, economic and market
conditions, including inflation, interest rates, energy costs, the impact of
natural disasters, military action and the threat of terrorism. Our consolidated
results of operations are directly affected by economic conditions in North
America and Europe. We may experience a decline in sales as a result of poor
economic conditions and the lack of visibility relating to future orders. Our
results of operations depend upon, among other things, our ability to maintain
and increase sales volumes with existing customers, our ability to attract new
customers and the financial condition of our customers. A decline in the economy
that adversely affects our customers, causing them to limit or defer their
spending, would likely adversely affect us as well. We cannot predict with any
certainty whether we will be able to maintain or improve upon historical sales
volumes with existing customers, or whether we will be able to attract new
customers.<BR>
<BR>
In response to economic and market conditions, from time to time we have
undertaken initiatives to reduce our cost structure where appropriate. The
initiatives already implemented as well as any future workforce and facilities
reductions undertaken may not be sufficient to meet the changes in economic and
market conditions and to achieve future profitability. In addition, costs
actually incurred in connection with our restructuring actions may be higher
than our estimates of such costs and/or may not lead to the anticipated cost
savings. </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%>
<I>Increased costs associated with corporate governance compliance may impact our
results of operations.</I><BR>
<BR>
As a public company, we incur significant legal, accounting and other expenses
that we would not incur as a private company. In addition, the Sarbanes-Oxley
Act of 2002, as well as rules subsequently implemented by the Securities and
Exchange Commission and listing requirements subsequently adopted by the New
York Stock Exchange in response to Sarbanes-Oxley, have required changes in
corporate governance practices of public companies. These developments have
already substantially increased our legal compliance, auditing and financial
reporting costs and made them more time consuming. We anticipate that the impact
of Section 404 of the Sarbanes-Oxley Act, if and when it fully applies to us,
will further increase these costs and make some activities more time consuming.
These developments may make it more difficult and more expensive for us to
obtain directors&#146; and officers&#146; liability insurance and we may be
required to accept reduced coverage or incur substantially higher costs to
obtain coverage, possibly making it more difficult for us to attract and retain
qualified members of our board of directors, particularly to serve on our audit
committee. We presently cannot estimate the timing or magnitude of additional
costs we may incur as a result of the implementation of Section 404 of the
Sarbanes-Oxley Act; however, to the extent these costs are significant, our
general and administrative expenses are likely to increase as a percentage of
revenue and our results of operations will be negatively impacted. </TD>
</TR>
</TABLE>
<BR>

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<I>Competitive pressures could harm our revenue and gross margin.</I><BR>
<BR>
We may not be able to compete effectively with current or future competitors.
The markets for our products and services are intensely competitive and subject
to constant technological change. We expect this competition to further
intensify in the future. Competitive factors include price, availability,
service and support. We compete with a wide variety of other resellers and
retailers, as well as manufacturers. Some of our competitors are larger
companies with greater financial, marketing and product development resources
than ours. In addition, new competitors may enter our markets. This may place us
at a disadvantage in responding to competitors&#146; pricing strategies,
technological advances and other initiatives, resulting in our inability to
increase our revenues or maintain our gross margins in the future.<BR>
<BR>
In many cases our products compete directly with those offered by other
manufacturers and distributors. If any of our competitors were to develop
products or services that are more cost-effective or technically superior,
demand for our product offerings could decrease. <BR>
<BR>
Our margins are also dependent on the mix of products we sell and could be
adversely affected by a continuation of our customers&#146; shift to
lower-priced products. </TD>
</TR>
</TABLE>
<BR>

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<I>State and local sales tax collection may affect demand for our products.</I><BR>
<BR>
Our United States subsidiaries collect and remit sales tax in states in which
the subsidiaries have physical presence or in which we believe nexus exists
which obligates us to collect sales tax. Other states may, from time to time,
claim that we have state-related activities constituting a sufficient nexus to
require such collection. Additionally, many other states seek to impose sales
tax collection obligations on companies that sell goods to customers in their
state, or directly to the state and its political subdivisions, even without a
physical presence. Such efforts by states have increased recently, as states
seek to raise revenues without increasing the tax burden on residents. We rely,
as do other direct mail retailers, on United States Supreme Court decisions
which hold that, without Congressional authority, a state may not enforce a
sales tax collection obligation on a company that has no physical presence in
the state and whose only contacts with the state are through the use of
interstate commerce such as the mailing of catalogs into the state and the
delivery of goods by mail or common carrier. We cannot predict whether the
nature or level of contacts we have with a particular state will be deemed
enough to require us to collect sales tax in that state nor can we be assured
that Congress or individual states will not approve legislation authorizing
states to impose tax collection obligations on all direct mail and/or e-commerce
transactions. A successful assertion by one or more states that we should
collect sales tax on the sale of merchandise could result in substantial tax
liabilities related to past sales and would result in considerable
administrative burdens and costs for us and may reduce demand for our products
from customers in such states when we charge customers for such taxes.
</TD>
</TR>
</TABLE>
<BR>

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<I>Business disruptions could adversely impact our revenue and financial condition.</I><BR>
<BR>
It is our policy to insure for certain property and casualty risks consisting
primarily of physical loss to property, business interruptions resulting from
property losses, workers&#146; compensation, comprehensive general liability,
and auto liability. Insurance coverage is obtained for catastrophic property and
casualty exposures as well as those risks required to be insured by law or
contract. Although we believe that our insurance coverage is reasonable,
significant events such as acts of war and terrorism, economic conditions,
judicial decisions, legislation, natural disasters and large losses could
materially affect our insurance obligations and future expense. </TD>
</TR>
</TABLE>
<BR>

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<I>Changes in financial accounting standards may affect our results of operations.</I><BR>
<BR>
A change in accounting standards or practices can have a significant effect on
our reported results of operations. New accounting pronouncements and
interpretations of existing accounting rules and practices have occurred and may
occur in the future. Changes to existing rules, such as the adoption of
Statement of Financial Accounting Standard 123R (&#147;SFAS 123R&#148;),
&#147;Share-based Payment&#148;, may adversely affect our reported financial
results. SFAS 123R will require that we measure all stock-based compensation
awards using a fair value method and record such expense, which may be
significant, in our results of operations. </TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Risks Related to Our
Company </FONT></H1>


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<I>If we are unable to attain effective internal controls or remediate the existing
material weaknesses in  our internal controls over financial reporting, we may not
be able to report our financial results  timely or accurately and our business
could suffer. </I><BR>
<BR>
We currently have material weaknesses in internal controls over financial
reporting. We previously have had material weaknesses in internal controls over
financial reporting which resulted in our filing restated consolidated financial
statements for the years ended December 31, 2004 and 2003. We are not yet
subject to the internal controls certification and attestation requirements of
Section 404 of the Sarbanes-Oxley Act of 2002 because we are not an
&#147;accelerated filer&#148; (the market value of the public float of our
shares was less than $75 million at the end of our second fiscal quarters of
2005 and 2006). Based on SEC implementing regulations in effect as of June 30,
2006, we will not be required to satisfy the Section 404 requirements until at least
our annual report for the fiscal year ending December 31, 2007, depending on the
timing and scope of the final SEC rules implementing Section 404 for
non-accelerated filers. <BR>
<BR>
We have begun the process of documenting and evaluating our systems of internal
control over financial reporting. As a result of the ongoing evaluation of our
internal control over financial reporting we cannot be assured that significant
deficiencies or material weaknesses would not be required to be reported in the
future. We have identified a number of deficiencies in our internal control over
financial reporting. We are working to implement remedial measures which include
enhancements to eliminate these deficiencies. If we are not able to implement
the requirements of Section&nbsp;404 in a timely manner or with inadequate
compliance, we might be subject to regulatory sanctions and we might suffer a
loss of public confidence in our reported financial information. Any such action
could adversely affect our business and our financial results. </TD>
</TR>
</TABLE>
<BR>

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<I>We have not filed our required financial reports on a timely basis, which could affect
the trading of  our stock.</I><BR>
<BR>
We have been late in the filing of our 2005 quarterly and annual reports
required under the Securities Exchange Act of 1934. We expect that the first two
quarterly reports for 2006 will also be filed late. Failure to file our annual
report on a timely basis could result in the de-listing of the Company&#146;s
common stock by the New York Stock Exchange. If we do not file our required
annual and quarterly financial statements in the prescribed time frames we would
also be ineligible to file certain registration statements and could be subject
to SEC enforcement action. </TD>
</TR>
</TABLE>
<BR>


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<I>Our success is dependent upon the availability of credit and
financing.</I><BR>
<BR>
We require significant levels of capital in our business to finance accounts
receivable and inventory. We maintain credit facilities in the United States and
in Europe to finance increases in our working capital if available cash is
insufficient. The amount of credit available to us at any point in time may be
adversely affected by the quality or value of the assets collateralizing these
credit lines. In addition, if we are unable to renew or replace these facilities
at maturity our liquidity and capital resources may be adversely affected.
However, we have no reason to believe that we will not be able to renew or
replace our facilities when they reach maturity. </TD>
</TR>
</TABLE>
<BR>


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<I>We have substantial international operations and we are exposed to fluctuations in
currency exchange  rates and political uncertainties.</I><BR>
<BR>
We operate internationally and as a result, we are subject to risks associated
with doing business globally. Risks inherent to operating overseas include:
</TD>
</TR>
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&#149;<BR>
&#149;<BR>
&#149;</TD>
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Changes in a country's economic or political conditions<BR>
Changes in foreign currency exchange rates<BR>
Difficulties with staffing and managing international operations<BR>
Unexpected changes in regulatory requirements</TD>
</TR>
</TABLE>
<BR>




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For example, we currently have operations located in nine countries outside the
United States, and non-U.S. sales (Europe and Canada) accounted for 37.5% of our
revenue during 2005. To the extent the U.S. dollar strengthens against the Euro
and British pound, our European revenues and profits will be reduced when
translated into U.S. dollars. </TD>
</TR>
</TABLE>
<BR>

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<I>Sales to individual consumers exposes us to credit card fraud, which could adversely
affect our  business.</I><BR>
<BR>
Failure to adequately control fraudulent credit card transactions could increase
our expenses. Increased sales to individual consumers, which are more likely to
be paid for using a credit card, increases our exposure to fraud. We employ
technology solutions to help us detect the fraudulent use of credit card
information. However, if we are unable to detect or control credit card fraud,
we may in the future suffer losses as a result of orders placed with fraudulent
credit card data, which could adversely affect our business. </TD>
</TR>
</TABLE>
<BR>
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<I>We are exposed to inventory risks.</I><BR>
<BR>
A substantial portion of our inventory is subject to risk due to technological
change and changes in market demand for particular products. If we fail to
manage our inventory of older products we may have excess or obsolete inventory.
We may have limited rights to return purchases to certain suppliers and we may
not be able to obtain price protection on these items. The elimination of
purchase return privileges and lack of availability of price protection could
lower our gross margin or result in inventory write-downs.<BR>
<BR>
We also take advantage of attractive product pricing by making opportunistic
bulk inventory purchases; any resulting excess and/or obsolete inventory that we
are not able to re-sell could have an adverse impact on our results of
operations. Any inability to make such bulk inventory purchases may
significantly impact our sales and profitability. </TD>
</TR>
</TABLE>
<BR>

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<I>Our income tax rate and the value of our deferred tax assets are subject to
change.</I><BR>
<BR>
Changes in our income tax expense due to changes in the mix of U.S. and non-U.S.
revenues and profitability, changes in tax rates or exposure to additional
income tax liabilities could affect our profitability. We are subject to income
taxes in the United States and various foreign jurisdictions. Our effective tax
rate could be adversely affected by changes in the mix of earnings in countries
with differing statutory tax rates, changes in the valuation of deferred tax
assets and liabilities, changes in tax laws or by material audit assessments.
The carrying value of our deferred tax assets, which are primarily in the United
States and the United Kingdom, is dependent on our ability to generate future
taxable income in those jurisdictions. Our United Kingdom deferred tax assets
currently have a full valuation allowance. In addition, the amount of income
taxes we pay is subject to ongoing audits in various jurisdictions and a
material assessment by a tax authority could affect our profitability.
</TD>
</TR>
</TABLE>
<BR>


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<I>Our reliance on information and communications technology requires significant
expenditures and entails risk.</I><BR>
<BR>
We rely on a variety of information and telecommunications systems in our
operations. Our success is dependent in large part on the accuracy and proper
use of our information systems, including our telecommunications systems. To
manage our growth, we continually evaluate the adequacy of our existing systems
and procedures. We anticipate that we will regularly need to make capital
expenditures to upgrade and modify our management information systems, including
software and hardware, as we grow and the needs of our business change. The
occurrence of a significant system failure, electrical or telecommunications
outages or our failure to expand or successfully implement new systems could
have a material adverse effect on our results of operations.<BR>
<BR>
Our information systems networks, including our web sites, and applications
could be adversely affected by viruses or worms and may be vulnerable to
malicious acts such as hacking. Although we take preventive measures, these
procedures may not be sufficient to avoid harm to our operations, which could
have an adverse effect on our results of operations. </TD>
</TR>
</TABLE>
<BR>

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<I>We are dependent on third-party suppliers.</I><BR>
<BR>
We purchase a significant portion of our computer products from major
distributors such as Tech Data Corporation and Ingram Micro&nbsp;Inc. and
directly from large manufacturers such as Hewlett Packard and Acer, who may
deliver those products directly to our customers. These relationships enable us
to make available to our customers a wide selection of products without having
to maintain large amounts of inventory. The termination or interruption of our
relationships with any of these suppliers could materially adversely affect our
business.<BR>
<BR>
Our PC products contain electronic components, subassemblies and software that
in some cases are supplied through sole or limited source third-party suppliers,
some of which are located outside of the U.S. Although we do not anticipate any
problems procuring supplies in the near-term, there can never be any assurance
that parts and supplies will be available in a timely manner and at reasonable
prices. Any loss of, or interruption of supply, from key suppliers may require
us to find new suppliers. This could result in production or development delays
while new suppliers are located, which could substantially impair operating
results. If the availability of these or other components used in the
manufacture of our products was to decrease, or if the prices for these
components were to increase significantly, operating costs and expenses could be
adversely affected.<BR>
<BR>
We purchase a number of our products from vendors outside of the United States.
Difficulties encountered by one or several of these suppliers could halt or
disrupt production and delay completion or cause the cancellation of our orders.
Delays or interruptions in the transportation network could result in loss or
delay of timely receipt of product required to fulfill customer orders.<BR>
<BR>
Many product suppliers provide us with co-op advertising support in exchange for
featuring their products in our catalogs and on our internet sites. Certain
suppliers provide us with other incentives such as rebates, reimbursements,
payment discounts, price protection and other similar arrangements. These
incentives are offset against cost of goods sold or selling, general and
administrative expenses, as applicable. The level of co-op advertising support
and other incentives received from suppliers may decline in the future, which
could increase our cost of goods sold or selling, general and administrative
expenses and have an adverse effect on results of operations and cash flows.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>&#149;</TD>
<TD WIDTH=90%>
<I>We may encounter risks in connection with sales of our web-hosted software
application.</I><BR>
<BR>
In 2004 we introduced our web-based and hosted, on-demand software suite of
products, marketed as ProfitCenter Software. We have a limited operating history
with this type of product offering and may encounter risks inherent in the
software industry, including but not limited to: </TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>&#149;<BR>
&#149;<BR>
&#149;<BR>
&#149;<BR>
&#149;<BR>
&#149;<BR>
&#149;<BR>
&#149;</TD>
<TD WIDTH=80%>
Errors or security flaws in our product<BR>
Technical difficulties which we can not resolve on a timely or cost-effective basis,<BR>
Inability to provide the level of service we commit to<BR>
Inability to deliver product upgrades and enhancements<BR>
Delays in development<BR>
Inability to hire and retain qualified technical personnel<BR>
Impact of privacy laws on the use of our product<BR>
Exposure to claims of infringement of intellectual property rights</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>&#149;</TD>
<TD WIDTH=90%>
<I>Restrictions and covenants in our credit facility may limit our ability to enter
into certain transactions.</I><BR>
<BR>
Our United States/United Kingdom combined revolving credit agreement contains
covenants restricting or limiting our ability to, among other things:
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>&#149;<BR>
&#149;<BR>
&#149;<BR>
&#149;</TD>
<TD WIDTH=80%>
incur additional debt<BR>
create or permit liens on assets<BR>
make capital expenditures or investments<BR>
pay dividends</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=90%>
If
we fail to comply with the covenants and other requirements set forth in the agreement, we
will have to negotiate a waiver agreement with the lenders. Failure to enter into such a
waiver agreement could adversely affect the availability of financing to us which could
materially impact our operations. </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other factors that may affect our future
results of operations and financial condition include, but are not limited to,
unanticipated developments in any one or more of the following areas, as well as
other factors which may be detailed from time to time in our Securities and
Exchange Commission filings: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>&#149;<BR>
&#149;<BR>
<BR>
&#149;<BR>
&#149;<BR>
<BR>
<BR>
&#149;<BR>
<BR>
<BR>
&#149;<BR>
&#149;<BR>
&#149;</TD>
<TD WIDTH=90%>
the effect on us of volatility in the price of paper and periodic increases in postage rates<BR>
significant changes in the computer products retail industry, especially relating to the distribution<BR>
and sale of such products<BR>
timely availability of existing and new products<BR>
risks involved with e-commerce, including possible loss of business and customer<BR>
dissatisfaction if outages or other computer-related problems should preclude customer<BR>
access to us<BR>
risks associated with delivery of merchandise to customers by utilizing common delivery<BR>
services such as the United States Postal Service and United Parcel Service, including<BR>
possible strikes and contamination<BR>
borrowing costs or availability<BR>
pending or threatened litigation and investigations<BR>
the availability of key personnel
</TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Readers
are cautioned not to place undue reliance on any forward looking statements contained in
this report, which speak only as of the date of this report. We undertake no obligation to
publicly release the result of any revisions to these forward looking statements that may
be made to reflect events or circumstances after the date hereof or to reflect the
occurrence of unexpected events. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold"  -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 1B. Unresolved
Staff Comments. </FONT></H1>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
None.</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 2. Properties. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our primary facilities, which are leased except where otherwise indicated,
are as follows: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2 ALIGN=LEFT>Facility<HR WIDTH=20% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2 ALIGN=LEFT>Location<HR WIDTH=25% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2 ALIGN=CENTER>Approximate<BR>
Square Feet<HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2 ALIGN=CENTER>Expiration of<BR>
Lease<HR WIDTH=70% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT>Headquarters, Sales and Distribution Center (1)</TD>
     <TD WIDTH=3% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=25% ALIGN=LEFT>Port Washington, NY</TD>
     <TD WIDTH=3% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=11% ALIGN=RIGHT>86,000</TD>
        <TD WIDTH=3% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=13% ALIGN=CENTER>2007</TD>
     <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Sales and Distribution Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Buford, GA</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>647,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>2021</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Sales and Distribution Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Naperville, IL</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>241,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>2010</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>PC Assembly, Sales and Distribution Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Fletcher, OH</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>297,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>Owned</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Sales and Administrative Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Miami, FL</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>71,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>2010</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Distribution Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Las Vegas, NV</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>90,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>2010</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Sales Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Markham, Ontario</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>22,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>2013</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Sales and Distribution Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Verrieres le Buisson, France</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>48,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>2007</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Sales and Distribution Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Frankfurt, Germany</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>92,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>2013</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Sales and Distribution Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Madrid, Spain</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>38,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>(2)</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Sales and Distribution Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Milan, Italy</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>102,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>2009</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Sales and Distribution Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Greenock, Scotland</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>78,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>Owned</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>European Headquarters and Sales Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Wellingborough, England</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>75,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>Owned</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Sales Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Amstelveen, Netherlands</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>21,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>2007</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR>Sales and Distribution Center</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Lidkoping, Sweden</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>20,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=CENTER>2005</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 3" FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>(1) </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          For information about this facility, leased from related parties, see
Item 13-&#147;Certain Relationships and Related Transactions&#148; </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 3" FSL="Workstation" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>(2) </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Terminable upon two months prior written notice. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We also lease space for other smaller offices and retail stores in the
United States, Canada and Europe and certain additional facilities leased by the Company
are subleased to others. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For further information regarding our lease obligations, see Note 11 to
the Consolidated Financial Statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 3. Legal
Proceedings. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Beginning on May 24, 2005, three shareholder derivative
lawsuits were filed, one in the United States District Court for the Eastern
District of New York and two in the Supreme Court of New York, County of Nassau,
against various officers and directors of the Company and naming the Company as a
nominal defendant in connection with the Company's restatements of its fiscal
year 2003 and 2004 financial statements. The defendants and the Company denied
all of the allegations of wrongdoing contained in the complaints. On May 16,
2006, the parties entered into a stipulation of settlement of this case. By
order dated July 6, 2006 the United States District Court for the Eastern
District of New York approved the settlement and dismissed the federal complaint
with prejudice. Pursuant to the settlement the defendants are released from
liability and the Company will adopt certain corporate governance principles
including the appointment of a lead independent director to, among other things,
assist the Board of Directors in assuring compliance with and implementation of
the Company's corporate governance policies and pay $300,000 of the legal fees
of the plaintiffs. The plaintiffs were directed by the U.S. District Court to
move to dismiss the state court actions.
 </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The governance changes detailed in the settlement
agreement include the following: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>The Company will create the new position of Lead Independent Director, to be elected by
the independent directors. The Lead Independent Director will serve on the Executive
Committee and be responsible for coordinating the activities of the independent directors
including developing the agenda for and moderating sessions of the independent directors,
advising as to an appropriate board meeting schedule, providing input on board and
committee meeting agendas, advising as to the flow of information to the independent
directors, recommending the retention of consultants who report directly to the Board,
assisting the Board and officers in assuring compliance with and implementation of the
Company&#146;s corporate governance policies and being principally responsible for
recommending revisions to such policies.</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>The Board&#146;s independent directors shall meet separately in executive sessions,
chaired by the Lead Independent Director, at least quarterly.</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Directors standing for re-election at the next annual meeting shall be required to receive
a majority of the votes cast to retain their positions on the Board.</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>The Nominating &amp; Corporate Governance Committee and the Compensation Committee shall
be comprised exclusively of independent directors by the end of 2006.</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>The Audit Committee shall conduct a re-proposal for the Company&#146;s independent
auditors at least once every five years. The Company&#146;s independent auditors shall not
provide any consulting services except for tax consulting services. The Audit Committee
shall review the appropriateness and accounting treatment of all related party
transactions, including corporate acquisitions and sales of assets of greater than
$300,000. The Company&#146;s Directors of Internal Audit shall report directly to the
Company&#146;s Chief Financial Officer and the Audit Committee at least four times per
fiscal year, or more often as necessary.</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Other matters include limitations on other boards on which the CEO can serve, committee
authorization to independently engage consultants, minimum numbers of meetings for certain
committees, and maintenance and circulation of Board and committee minutes.</TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systemax
is a party to various other pending legal proceedings and disputes arising in the normal
course of business, including those involving commercial, employment, tax and intellectual
property related claims, none of which, in management&#146;s opinion, is anticipated to
have a material adverse effect on our consolidated financial statements. </FONT></P>


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<P><FONT SIZE=3><B>Item 4. Submission of Matters to a Vote of Security Holders.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 2005 annual meeting of the stockholders of the Company was held on
December 29, 2005. Each of the seven candidates for the position of director (Richard
Leeds, Bruce Leeds, Robert Leeds, Gilbert Fiorentino, Robert D. Rosenthal, Stacy S. Dick
and Ann R. Leven) was re-elected. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The matters voted upon at the meeting and the number of votes cast for,
against or withheld (including abstentions) as to each matter, including nominees for
office, are as follows: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp; </TD>
<TD WIDTH=5%>1.</TD>
<TD WIDTH=90%>Director election:</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%></TD>
<TD WIDTH=30%><BR>Richard Leeds</TD>
<TD WIDTH=50%><BR>For: 30,438,954<BR>
Withhold Authority: 3,430,024</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%></TD>
<TD WIDTH=30%><BR>Robert Leeds</TD>
<TD WIDTH=50%><BR>For: 30,679,223<BR>
Withhold Authority: 3,189,755</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%></TD>
<TD WIDTH=30%><BR>Bruce Leeds</TD>
<TD WIDTH=50%><BR>For: 30,439,414<BR>
Withhold Authority: 3,429,564</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%></TD>
<TD WIDTH=30%><BR>Gilbert Fiorentino</TD>
<TD WIDTH=50%><BR>For: 30,684,705<BR>
Withhold Authority: 3,184,277</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%></TD>
<TD WIDTH=30%><BR>Robert D. Rosenthal</TD>
<TD WIDTH=50%><BR>For: 31,399,183<BR>
Withhold Authority: 2,469,795</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%></TD>
<TD WIDTH=30%><BR>Stacy S. Dick</TD>
<TD WIDTH=50%><BR>For: 31,398,983<BR>
Withhold Authority: 2,469,995</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%></TD>
<TD WIDTH=30%><BR>Ann R. Leven</TD>
<TD WIDTH=50%><BR>For: 31,541,128<BR>
Withhold Authority: 2,237,850</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp; </TD>
<TD WIDTH=5%>2.</TD>
<TD WIDTH=90%>Approval of the Restricted Stock Unit Agreement between the Company and Gilbert Fiorentino:</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%></TD>
<TD WIDTH=80%>For: 28,026,436<BR>
Against: 2,329,012<BR>
Abstain: 9,998</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp; </TD>
<TD WIDTH=5%>3.</TD>
<TD WIDTH=90%>Approval of the Company's 2005 Employee Stock Purchase Plan:</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%></TD>
<TD WIDTH=80%>For: 29,801,967<BR>
Against: 331,422<BR>
Abstain: 232,057</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B>PART II </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 5. Market for
Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer Purchases of
EquitySecurities. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systemax
common stock is traded on the New York Stock Exchange under the symbol &#147;SYX.&#148;
The following table sets forth the high and low closing sales price of our common stock as
reported on the New York Stock Exchange for the periods indicated. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70%>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH ALIGN=LEFT><U>2005</U></TH>
     <TH WIDTH=22% ALIGN=LEFT><U>High</U></TH>
     <TH WIDTH=13% ALIGN=LEFT>&nbsp;&nbsp;<U>Low</U></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=16% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=49% ALIGN=LEFT><BR><B>First quarter</B></TD>
     <TD WIDTH=22% ALIGN=LEFT><B>$7.60&nbsp;</B></TD>
     <TD WIDTH=13% ALIGN=LEFT><B>$5.16</B></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT><B>Second quarter</B></TD>
     <TD ALIGN=LEFT><B>&nbsp;&nbsp;7.68</B></TD>
     <TD ALIGN=LEFT><B>&nbsp;&nbsp;5.58</B></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT><B>Third quarter</B></TD>
     <TD ALIGN=LEFT><B>&nbsp;&nbsp;7.40</B></TD>
     <TD ALIGN=LEFT><B>&nbsp;&nbsp;6.51</B></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT><B>Fourth quarter</B></TD>
     <TD ALIGN=LEFT><B>&nbsp;&nbsp;7.35</B></TD>
     <TD ALIGN=LEFT><B>&nbsp;&nbsp;5.65</B></TD></TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70%>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH ALIGN=LEFT><U>2004</U></TH>
     <TH ALIGN=LEFT><U>High</U></TH>
     <TH WIDTH=13% ALIGN=LEFT>&nbsp;&nbsp;<U>Low</U></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=16% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=49% ALIGN=LEFT><BR>First quarter</TD>
     <TD WIDTH=22% ALIGN=LEFT>$7.95</TD>
     <TD WIDTH=13% ALIGN=LEFT>$4.88</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Second quarter</TD>
     <TD ALIGN=LEFT>&nbsp;&nbsp;6.70</TD>
     <TD ALIGN=LEFT>&nbsp;&nbsp;5.01</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Third quarter</TD>
     <TD ALIGN=LEFT>&nbsp;&nbsp;6.68</TD>
     <TD ALIGN=LEFT>&nbsp;&nbsp;5.32</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Fourth quarter</TD>
     <TD ALIGN=LEFT>&nbsp;&nbsp;7.34</TD>
     <TD ALIGN=LEFT>&nbsp;&nbsp;5.65</TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;On July 31, 2006, the last reported sale price of our
common stock on the New York Stock Exchange was $8.03 per share. As of July 31,
2006, we had 241 shareholders of record. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have not paid any dividends since our initial public offering and anticipate
that all of our cash provided by operations in the foreseeable future will be
retained for the development and expansion of our business, and therefore do not
anticipate paying dividends on our common stock in the foreseeable future.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 6. Selected
Financial Data. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following selected financial information is qualified by reference to, and should be read
in conjunction with, the Company&#146;s Consolidated Financial Statements and the notes
thereto, and &#147;Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations&#148; contained elsewhere in this report. The selected statement of
operations data for the years ended December 31, 2005, 2004 and 2003 and the selected
balance sheet data as of December 31, 2005 and 2004 are derived from the audited
consolidated financial statements which are included elsewhere in this report. The
selected balance sheet data as of December 31, 2003, 2002 and 2001 and the selected
statement of operations data for the years ended December 31, 2002 and 2001 are derived
from the audited consolidated financial statements of the Company which are not included
in this report. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH COLSPAN=5>Years Ended December 31<BR>
(In millions, except per common share data<BR>
and number of catalog titles)<HR SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH></TH>
     <TH></TH>
     <TH></TH>
     <TH></TH></TR>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH>2005<HR SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH>2004*<HR SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH>2003*<HR SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH>2002*<HR SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH>2001*<HR SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=56% ALIGN=LEFT><B><U>Statement of Operations Data</U>:</B></TD>
     <TD WIDTH=9% ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=9% ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=9% ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=10% ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=7% ALIGN=RIGHT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net sales</TD>
     <TD ALIGN=RIGHT><B>$2,115.5</B></TD>
     <TD ALIGN=RIGHT>$1,928.1</TD>
     <TD ALIGN=RIGHT>$1,655.7</TD>
     <TD ALIGN=RIGHT>$1,551.9</TD>
     <TD ALIGN=RIGHT>$1,550.8</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Gross profit</TD>
     <TD ALIGN=RIGHT><B>$307.3</B></TD>
     <TD ALIGN=RIGHT>$286.5</TD>
     <TD ALIGN=RIGHT>$264.9</TD>
     <TD ALIGN=RIGHT>$266.3</TD>
     <TD ALIGN=RIGHT>$275.7</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Selling, general &amp; administrative expenses</TD>
     <TD ALIGN=RIGHT><B>$268.3</B></TD>
     <TD ALIGN=RIGHT>$260.1</TD>
     <TD ALIGN=RIGHT>$251.5</TD>
     <TD ALIGN=RIGHT>$256.1</TD>
     <TD ALIGN=RIGHT>$271.6</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Restructuring and other charges</TD>
     <TD ALIGN=RIGHT><B>$4.2</B></TD>
     <TD ALIGN=RIGHT>$7.4</TD>
     <TD ALIGN=RIGHT>$1.7</TD>
     <TD ALIGN=RIGHT>$17.3</TD>
     <TD ALIGN=RIGHT>$2.8</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Income (loss) from operations</TD>
     <TD ALIGN=RIGHT><B>$34.8</B></TD>
     <TD ALIGN=RIGHT>$19.0</TD>
     <TD ALIGN=RIGHT>$9.2</TD>
     <TD ALIGN=RIGHT>$(7.0)</TD>
     <TD ALIGN=RIGHT>$2.5</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Provision (benefit) for income taxes</TD>
     <TD ALIGN=RIGHT><B>$21.4</B></TD>
     <TD ALIGN=RIGHT>$6.4</TD>
     <TD ALIGN=RIGHT>$4.4</TD>
     <TD ALIGN=RIGHT>$(0.8)</TD>
     <TD ALIGN=RIGHT>$(.1)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Income (loss) before cumulative effect of change in accounting</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;principle, net of tax</TD>
     <TD ALIGN=RIGHT><B>$11.4</B></TD>
     <TD ALIGN=RIGHT>$10.2</TD>
     <TD ALIGN=RIGHT>$3.2</TD>
     <TD ALIGN=RIGHT>$(7.4)</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Cumulative effect of change in accounting principle, net of tax</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD>
     <TD ALIGN=RIGHT>$(51.0)</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income (loss)</TD>
     <TD ALIGN=RIGHT><B>$11.4</B></TD>
     <TD ALIGN=RIGHT>$10.2</TD>
     <TD ALIGN=RIGHT>$3.2</TD>
     <TD ALIGN=RIGHT>$(58.4)</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income (loss) per common share, basic:</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Income (loss) before cumulative effect of change in accounting</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;principle, net of tax</TD>
     <TD ALIGN=RIGHT><B>$.33</B></TD>
     <TD ALIGN=RIGHT>$.30</TD>
     <TD ALIGN=RIGHT>$.09</TD>
     <TD ALIGN=RIGHT>$(.21)</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Cumulative effect of change in accounting principle, net of tax</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD>
     <TD ALIGN=RIGHT>$(1.50)</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income (loss) per common share</TD>
     <TD ALIGN=RIGHT><B>$.33</B></TD>
     <TD ALIGN=RIGHT>$.30</TD>
     <TD ALIGN=RIGHT>$.09</TD>
     <TD ALIGN=RIGHT>$(1.71)</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income (loss) per common share, diluted:</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Income (loss) before cumulative effect of change in accounting</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;principle, net of tax</TD>
     <TD ALIGN=RIGHT><B>$.31</B></TD>
     <TD ALIGN=RIGHT>$.29</TD>
     <TD ALIGN=RIGHT>$.09</TD>
     <TD ALIGN=RIGHT>$(.21)</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Cumulative effect of change in accounting principle, net of tax</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD>
     <TD ALIGN=RIGHT>$(1.50)</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income (loss) per common share</TD>
     <TD ALIGN=RIGHT><B>$.31</B></TD>
     <TD ALIGN=RIGHT>$.29</TD>
     <TD ALIGN=RIGHT>$.09</TD>
     <TD ALIGN=RIGHT>$(1.71)</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Weighted average common shares outstanding:</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Basic</TD>
     <TD ALIGN=RIGHT><B>34.6</B></TD>
     <TD ALIGN=RIGHT>34.4</TD>
     <TD ALIGN=RIGHT>34.2</TD>
     <TD ALIGN=RIGHT>34.1</TD>
     <TD ALIGN=RIGHT>34.1</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Diluted</TD>
     <TD ALIGN=RIGHT><B>36.5</B></TD>
     <TD ALIGN=RIGHT>35.5</TD>
     <TD ALIGN=RIGHT>34.9</TD>
     <TD ALIGN=RIGHT>34.1</TD>
     <TD ALIGN=RIGHT>34.1</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><B><U>Selected Operating Data</U>:</B></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Orders entered</TD>
     <TD ALIGN=RIGHT><B>6.2</B></TD>
     <TD ALIGN=RIGHT>5.2</TD>
     <TD ALIGN=RIGHT>4.4</TD>
     <TD ALIGN=RIGHT>4.0</TD>
     <TD ALIGN=RIGHT>4.0</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Number of catalogs distributed</TD>
     <TD ALIGN=RIGHT><B>66</B>&nbsp;</TD>
     <TD ALIGN=RIGHT>88&nbsp;</TD>
     <TD ALIGN=RIGHT>97&nbsp;</TD>
     <TD ALIGN=RIGHT>106&nbsp;</TD>
     <TD ALIGN=RIGHT>126&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Number of catalog titles</TD>
     <TD ALIGN=RIGHT><B>22</B>&nbsp;</TD>
     <TD ALIGN=RIGHT>22&nbsp;</TD>
     <TD ALIGN=RIGHT>30&nbsp;</TD>
     <TD ALIGN=RIGHT>37&nbsp;</TD>
     <TD ALIGN=RIGHT>38&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><B><U>Balance Sheet Data</U>:</B></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Working capital</TD>
     <TD ALIGN=RIGHT><B>$169.8</B></TD>
     <TD ALIGN=RIGHT>$148.0</TD>
     <TD ALIGN=RIGHT>$144.1</TD>
     <TD ALIGN=RIGHT>$132.0</TD>
     <TD ALIGN=RIGHT>$101.5</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Total assets</TD>
     <TD ALIGN=RIGHT><B>$504.5</B></TD>
     <TD ALIGN=RIGHT>$483.2</TD>
     <TD ALIGN=RIGHT>$445.3</TD>
     <TD ALIGN=RIGHT>$436.6</TD>
     <TD ALIGN=RIGHT>$452.6</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Short-term debt</TD>
     <TD ALIGN=RIGHT><B>$26.8</B></TD>
     <TD ALIGN=RIGHT>$25.0</TD>
     <TD ALIGN=RIGHT>$20.8</TD>
     <TD ALIGN=RIGHT>$21.2</TD>
     <TD ALIGN=RIGHT>$2.8</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Long-term debt, excluding current portion</TD>
     <TD ALIGN=RIGHT><B>$8.0</B></TD>
     <TD ALIGN=RIGHT>$8.6</TD>
     <TD ALIGN=RIGHT>$18.4</TD>
     <TD ALIGN=RIGHT>$17.5</TD>
     <TD ALIGN=RIGHT>--&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Shareholders' equity</TD>
     <TD ALIGN=RIGHT><B>$232.8</B></TD>
     <TD ALIGN=RIGHT>$222.6</TD>
     <TD ALIGN=RIGHT>$208.6</TD>
     <TD ALIGN=RIGHT>$200.6</TD>
     <TD ALIGN=RIGHT>$253.1</TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>* As previously restated &#150; see Note 2 to the consolidated financial
statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3><B>Item 7. Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Overview </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are a direct marketer of brand name and private label products. Our operations are
organized in two primary reportable segments &#150; Computer Products and Industrial
Products. Our Computer Products segment markets personal desktop computers, notebook
computers and computer related products in North America and Europe. We assemble our own
PCs and sell them under our own trademarks, which we believe gives us a competitive
advantage. We also sell personal computers manufactured by other leading companies, such
as Hewlett Packard, E-Machines and Sony. Our Industrial Products segment markets material
handling equipment, storage equipment and consumable industrial items in North America. We
offer more than 100,000 products and continuously update our product offerings to address
the needs of our customers, which include large, mid-sized and small businesses,
educational and government entities as well as individual consumers. We reach customers by
multiple channels, utilizing relationship marketers, e-commerce web sites, mailed
catalogues and retail outlet stores. We also participate in the emerging market for
on-demand, web-based software applications through the marketing of our PCS Profitability
Suite&#153; of hosted software, which we began during 2004, and in which we have
not yet recognized any revenues and have incurred considerable losses to date. Computers
and computer related products account for 92% of our net sales, and, as a result, we are
dependent on the general demand for information technology products. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
market for computer products is subject to intense price competition and is characterized
by narrow gross profit margins. The North American industrial products market is highly
fragmented and we compete against multiple distribution channels. Distribution of
information technology and our industrial products is working capital intensive, requiring
us to incur significant costs associated with the warehousing of many products, including
the costs of leasing warehouse space, maintaining inventory and inventory management
systems, and employing personnel to perform the associated tasks. We supplement our
on-hand product availability by maintaining relationships with major distributors and
manufacturers, utilizing a combination of stocking and drop-shipment fulfillment. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
primary component of our operating expenses historically has been employee related costs,
which includes items such as wages, commissions, bonuses, and employee benefits. We have
made substantial reductions in our workforce and closed or consolidated several facilities
over the past several years. In response to poor economic conditions in the United States,
we implemented a plan in the first quarter of 2004 to streamline our United States
computer business. This plan consolidated duplicative back office and warehouse
operations, which resulted in annual savings of approximately $8 million excluding
severance and other restructuring costs of approximately $3 million, which were recognized
in fiscal 2004. With evidence of a prolonged economic downturn in Europe, we took measures
to align our cost structure with expected potentially lower revenues and decreasing gross
margins, initiating several cost reduction plans there during 2004 and 2005. Actions taken
in 2005 to increase efficiency and profitability in our European operations resulted in
the elimination of approximately 240 positions, and are expected to result in
approximately $6.0 million in annual savings excluding severance and restructuring costs
of approximately $3.7 million, which were recognized in fiscal 2005. Our restructuring
actions and other cost savings measures implemented over the last several years resulted
in reducing our consolidated selling, general and administrative expenses from 16.5% of
net sales in 2002 to 12.7% of net sales in 2005. We will continue to monitor our costs and
evaluate the need for additional actions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
discussion of our results of operations and financial condition that follows will provide
information that will assist in understanding our financial statements and information
about how certain accounting principles and estimates affect the consolidated financial
statements. This discussion should be read in conjunction with the consolidated financial
statements included herein. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Highlights from 2005 </FONT></H1>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Sales increase of 9.7% to $2.1 billion from $1.9 billion in 2004</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Continued growth (26%) in e-commerce sales</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Decrease of selling, general and administrative expense to 12.7% of net sales
from 13.5% of net sales in 2004</TD>
</TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Increase in income from operations of $15.8 million or 83.2%</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Successful restructuring of our European operations</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Expansion of our revolving credit agreement to $120 million to cover our United
States and United Kingdom needs</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Results of Operations </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;We had net income of $11.4 million for the year ended
December 31, 2005, $10.2 million for the year ended December 31, 2004 and $3.2
million for the year ended December 31, 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table represents our consolidated statement of operations data expressed as a
percentage of net sales for our three most recent fiscal years: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70%>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH ALIGN=RIGHT>2005<HR WIDTH=65% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=RIGHT>2004<HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=RIGHT>2003<HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net sales</TD>
     <TD ALIGN=RIGHT><B>100.0%</B></TD>
     <TD ALIGN=RIGHT>100.0%</TD>
     <TD ALIGN=RIGHT>100.0%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Gross profit</TD>
     <TD ALIGN=RIGHT><B>14.5%</B></TD>
     <TD ALIGN=RIGHT>14.9%</TD>
     <TD ALIGN=RIGHT>16.0%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Selling, general and administrative expenses</TD>
     <TD ALIGN=RIGHT><B>12.7%</B></TD>
     <TD ALIGN=RIGHT>13.5%</TD>
     <TD ALIGN=RIGHT>15.2%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Restructuring and other charges</TD>
     <TD ALIGN=RIGHT><B>0.2%</B></TD>
     <TD ALIGN=RIGHT>0.4%</TD>
     <TD ALIGN=RIGHT>0.1%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Goodwill impairment</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>0.2%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Income from operations</TD>
     <TD ALIGN=RIGHT><B>1.6%</B></TD>
     <TD ALIGN=RIGHT>1.0%</TD>
     <TD ALIGN=RIGHT>0.6%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Interest expense</TD>
     <TD ALIGN=RIGHT><B>0.1%</B></TD>
     <TD ALIGN=RIGHT>0.2%</TD>
     <TD ALIGN=RIGHT>0.1%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Provision for income taxes</TD>
     <TD ALIGN=RIGHT><B>1.0%</B></TD>
     <TD ALIGN=RIGHT>0.3%</TD>
     <TD ALIGN=RIGHT>0.3%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income</TD>
     <TD ALIGN=RIGHT><B>0.5%</B></TD>
     <TD ALIGN=RIGHT>0.5%</TD>
     <TD ALIGN=RIGHT>0.2%</TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>NET SALES</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
sales were $2.12 billion for the year ended December 31, 2005, an increase of 9.7% from
$1.93 billion for the year ended December 31, 2004. Net sales in 2005 included
approximately $650 million of internet-related sales, an increase of $135 million, or 26%,
from 2004. North American sales increased to $1.42 billion, a 15.3% increase from last
year&#146;s $1.23 billion. The increase in North American sales resulted primarily from
growth in both our computer and computer-related products and our industrial products.
Sales in our computer products segment increased 15.3% to $1.25 billion from $1.08 billion
in 2004. This increase was largely a result of our successful internet-based marketing
initiatives directed primarily at our consumer customers as reflected by an increase in
our internet-related sales of approximately $100 million. Although our internet-related
sales are not exclusively made to consumers, we believe that a large majority of these
sales are made to consumers. We continued to see strong growth in our industrial product
sales in 2005. Sales of industrial products increased 15.2% to $174.6 million from $151.6
million last year, representing 12% of the overall increase in North American sales.
European sales, stated in US dollars, decreased 0.2% to $694.6 million for 2005
(representing 32.8% of worldwide sales) compared to $695.7 million (representing 36.1% of
worldwide sales) in the year-ago period. Movements in foreign exchange rates positively
impacted European sales for 2005 by approximately $5.8 million. If currency exchange rates
for 2004 had prevailed in 2005, however, European sales would have decreased 1.0% from the
prior year. Continued weakness in demand for information technology products from business
customers in Europe and the effect of exchange rate movements on product pricing in
certain European markets for products whose cost is U.S. dollar based, resulted in
decreased local currency denominated sales. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some
European economies began to recover during 2005 and we saw our sales begin to improve in
those markets as measured in local currencies. However, on a combined basis, our European
sales as measured in local currencies declined in 2005. The table below reflects European
sales for the three years as reported in this report at then-current exchange rates and at
constant (2003) exchange rates (in millions): </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70%>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH>2005<HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH>2004<HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH>2003<HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>European sales as reported</TD>
     <TD ALIGN=CENTER>$694.6</TD>
     <TD ALIGN=CENTER>$695.7</TD>
     <TD ALIGN=CENTER>$631.0</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>European sales at 2003 exchange rates</TD>
     <TD ALIGN=CENTER>$616.7</TD>
     <TD ALIGN=CENTER>$626.1</TD>
     <TD ALIGN=CENTER>$631.0</TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
sales were $1.93 billion for the year ended December 31, 2004, an increase of 16.5% from
$1.66 billion for the year ended December 31, 2003. Net sales in 2004 included
approximately $515 million of internet-related sales, an increase of $131 million, or 34%,
from 2003. North American sales increased to $1.23 billion, a 20.3% increase from $1.02
billion in 2003. The increase in North American sales resulted primarily from growth in
both our computer and computer-related products and our industrial products. Sales of
computer and computer-related products increased 21.1% to $1.08 billion from $893 million
in 2003. This increase was largely a result of our successful internet-based marketing
initiatives directed primarily at our consumer customers and reflected by an increase in
our internet-related sales of approximately $109 million. Although our internet-related
sales are not exclusively made to consumers, we believe that a large majority of these
sales are made to consumers. With the United States economy improving after several years
of softness, we also had strong growth in our industrial product sales in 2004. Sales of
industrial products increased 14.9% to $151.6 million from $131.9 million last year,
representing 9% of the overall increase in North American sales. European sales, stated in
US dollars, increased 10.2% to $695.7 million for 2004 (representing 36.1% of worldwide
sales) compared to $631.0 million (representing 38.1% of worldwide sales) in 2003.
Movements in foreign exchange rates positively impacted European sales for 2004 by
approximately $70.0 million. If currency exchange rates for 2003 had prevailed in 2004,
however, European sales would have decreased 1.1% from the prior year. Continued weakness
in demand for information technology products from business customers in Europe and the
effect of exchange rate movements on product pricing in certain European markets for
products whose cost is U.S. dollar based, resulted in decreased local currency denominated
sales. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><I>GROSS PROFIT</I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross
profit, which consists of net sales less product cost, shipping, assembly and certain
distribution center costs, was $307.3 million, or 14.5% of net sales, for the year ended
December 31, 2005, compared to $286.5 million or 14.9% of net sales in 2004 and $264.9
million, or 16.0% of net sales, in 2003. Our gross profit ratio declined in 2005 primarily
as a result of approximately $7 million of increased costs for warehouse staff and
supplies related to increased activity levels from the prior year. These increased costs
were partially offset by favorable changes in product mix. Improvement in our gross profit
ratio in North America was partially offset by a continued decline in our gross profit
ratio in Europe. Our gross profit ratio declined in 2004 from 2003 as a result of
increased pricing pressures on our computer business both in North America and Europe. The
decline was partially offset by improved margins on industrial products. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><I>SELLING, GENERAL AND ADMINISTRATIVE EXPENSES</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling,
general and administrative expenses totaled $268.3 million, or 12.7% of net sales, for the
year ended December 31, 2005, $260.1 million, or 13.5% of net sales, for 2004, and $251.5
million, or 15.2% of net sales, in 2003. Selling, general and administrative expenses
increased $8.2 million, or 3.2%, in 2005 from a year ago as a result of $3.8 million of
increased credit card fees related to the increased sales volume, increased legal and
professional fees of $2.0 million related to the restatement of the 2004 and 2003
financial statements and $3.8 million of increased foreign exchange expenses. These
increases were partially offset by increased funding of advertising expenses from vendors.
The increase from 2003 to 2004 of $8.7 million, or 3.4%, resulted from approximately $10
million of increased costs in Europe from the effects of changes in foreign exchange rates
and $4 million of higher credit card processing fees from the higher sales volume in 2004.
The increase was partially offset through restructuring actions taken, reducing our
employee count in the United States and lowering salary expense and related benefit costs
by $6 million in 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>RESTRUCTURING AND OTHER CHARGES</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December 31, 2005, we incurred $4.2 million of restructuring and other
charges. These costs were primarily related to further restructuring actions undertaken in
Europe during the year as a result of continuing decline in profitability. The costs were
comprised primarily of staff severance expense related to the elimination of approximately
240 positions, which is expected to result in approximately $6.0 million in future annual
savings. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
incurred $7.4 million of restructuring and other charges in 2004. In the first quarter of
2004 we implemented a plan to streamline the activities of our United States computer
businesses&#146; back office and warehouse operations, resulting in the elimination of
approximately 200 jobs. We incurred $3.7 million of restructuring costs associated with
this plan, including $3.2 million for staff severance and benefits for terminated
employees and $0.5 million of non-cash costs for impairment of the carrying value of fixed
assets. We recorded $0.6 million of additional costs in 2004 related to facility exit
costs for our 2003 plan to consolidate United States warehouse locations. We also
implemented several cost reduction plans in Europe during 2004, including a consolidation
of United Kingdom sales offices which resulted in the elimination of 50 jobs. We incurred
$2.5 million of restructuring charges for facility exit costs and workforce reductions in
connection with these actions and $0.5 million of additional costs resulting from
adjustments to our estimates of lease and contract termination costs for our 2002 plan to
consolidate our United Kingdom operations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2003, we had $1.7 million of restructuring and other charges. In the fourth quarter of
2003 we implemented a plan to consolidate the warehousing facilities in our United States
computer business. We recorded $713,000 of costs related to this plan in the fourth
quarter, including $233,000 of non-cash costs for impairment of the carrying value of
fixed assets and $480,000 of charges for other exit costs. During the fourth quarter of
fiscal 2003 we recorded $2.2 million of additional costs, net of reductions, as a charge
to operations for our 2002 United Kingdom consolidation plan. These charges consisted of
$1.6 million of other restructuring activities as we adjusted the original estimates of
lease and contract termination costs and $600,000 of additional non-cash asset
impairments, related to buildings vacated. The restructuring costs incurred in 2003 were
partially offset by a $1.3 million reversal of a previously recorded liability which was
no longer required as a result of our settlement of litigation with a software developer
in August 2003. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the second quarter of 2003, we purchased the minority ownership of our Netherlands
subsidiary for approximately $2.6 million, pursuant to the terms of the original purchase
agreement. All of the purchase price was attributable to goodwill and, as a result of an
impairment analysis, was written off in accordance with Statement of Financial Accounting
Standards 142, &#147;Goodwill and Other Intangible Assets.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>INCOME (LOSS) FROM OPERATIONS</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
had income from operations of $34.8 million in 2005, $19.0 million in 2004 and $9.2
million in 2003. Income from operations for the year ended December 31, 2005 included
restructuring and other charges of $4.2 million. For the year ended December 31, 2004,
restructuring charges of $7.4 million were included in income from operations. Results in
2003 include restructuring and other charges of $1.7 million and a goodwill impairment
charge of $2.6 million. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
from operations in North America was $39.4 million for the year ended December 31, 2005,
$31.4 million in 2004 and $14.5 million in 2003. We had losses from operations in Europe
for the year ended December 31, 2005 of $4.6 million, in 2004 of $12.4 million and in 2003
of $5.3 million. Declining gross profit margin and increased selling, general and
administrative expenses resulted in our implementation of the previously described
restructuring activities in Europe. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>INTEREST AND OTHER INCOME AND INTEREST EXPENSE</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
expense was $2.7 million in 2005, $3.1 million in 2004 and $2.3 million in 2003. Interest
expense decreased in 2005 as a result of decreased short-term borrowings in the United
Kingdom. The increased expense in 2004 resulted from increased short-term borrowings under
our United Kingdom facility. Interest and other income, net was $0.7 million in 2005, $0.6
million in 2004 and $0.8 million in 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>INCOME TAXES</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
income tax provisions were $21.4 million for the year ended December 31, 2005, $6.4
million for 2004 and $4.4 million for 2003. The effective rates were 65.2% in 2005, 38.5%
in 2004 and 57.6% in 2003. The effective tax rate in 2005 increased as a result of our
establishing valuation allowances for approximately $10 million related to carryforward
losses and deferred tax assets in the United Kingdom. These valuation allowances were
recorded as a result of the Company&#146;s evaluation of its United Kingdom tax position
in accordance with the provisions of SFAS 109, &#147;Accounting for Income Taxes.&#148;
The Company&#146;s United Kingdom subsidiary has recorded historical losses and has been
affected by restructuring and other charges in recent years. These losses and the loss
incurred in the current year represented evidence for management to estimate that a full
valuation allowance for the net deferred tax asset was necessary under SFAS 109. If the
Company is able to realize any of these deferred tax assets in the future, the provision
for income taxes will be reduced by a release of the corresponding valuation allowance.
The effective rate in 2005 also was unfavorably impacted by increased state and local
taxes and losses in other foreign jurisdictions for which no tax benefit has been
recognized. These increases were partially offset by an income tax benefit of $2.7 million
we recorded in the fourth quarter of 2005 resulting from a favorable decision we received
for a petition we submitted in connection with audit assessments made in 2002 and 2004 in
a foreign jurisdiction. The tax rate in 2004 was higher than the United States statutory
rate of 35% primarily due to losses in foreign jurisdictions for which we recognized no
tax benefit and losses in a foreign jurisdiction where the benefit rate is lower than the
rate in the United States. The effective tax rate in 2003 was adversely affected by the
goodwill impairment write-off, which is not tax deductible. State and local taxes in the
United States did not increase the effective tax rates in 2004 or 2003 as a result of the
utilization of carryforward losses for which valuation allowances were previously
provided. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the years ended December 31, 2005, 2004 and 2003, we have not recognized certain foreign
tax credits, certain state deferred tax assets in the United States and certain benefits
on losses in foreign tax jurisdictions due to our inability to carry such credits and
losses back to prior years and our determination that it was more likely than not that we
would not generate sufficient future taxable income to realize these assets. Accordingly,
valuation allowances were recorded against the deferred tax assets associated with those
items. If we are able to realize all or part of these deferred tax assets in future
periods, it will reduce our provision for income taxes by a release of the corresponding
valuation allowance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>NET INCOME</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the above, net income was $11.4 million, or $.33 per basic share and $.31 per
diluted share, for the year ended December 31, 2005, was $10.2 million, or $.30 per basic
share and $.29 per diluted share, for the year ended December 31, 2004 and was $3.2
million, or $.09 per basic and diluted share, for the year ended December 31, 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Seasonality </B></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
sales have historically been modestly weaker during the second and third quarters as a
result of lower business activity during those months. The following table sets forth the
net sales, gross profit and income (loss) from operations for each of the quarters since
January 1, 2004 (amounts in millions). </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH ALIGN=RIGHT>March 31<HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=RIGHT>June 30<HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=RIGHT>September 30<HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=RIGHT>December 31<HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><B><U>2005</U></B></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><B>Net sales</B></TD>
     <TD ALIGN=RIGHT><B>$538</B></TD>
     <TD ALIGN=RIGHT><B>$506</B></TD>
     <TD ALIGN=RIGHT><B>$489</B></TD>
     <TD ALIGN=RIGHT><B>$583</B></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><B>Percentage of year's net sales</B></TD>
     <TD ALIGN=RIGHT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4%</B></TD>
     <TD ALIGN=RIGHT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.9%</B></TD>
     <TD ALIGN=RIGHT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1%</B></TD>
     <TD ALIGN=RIGHT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6%</B></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><B>Gross profit</B></TD>
     <TD ALIGN=RIGHT><B>$80</B></TD>
     <TD ALIGN=RIGHT><B>$71</B></TD>
     <TD ALIGN=RIGHT><B>$70</B></TD>
     <TD ALIGN=RIGHT><B>$86</B></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><B>Income from operations</B></TD>
     <TD ALIGN=RIGHT>&nbsp;<B>$5</B></TD>
     <TD ALIGN=RIGHT>&nbsp;<B>$3</B></TD>
     <TD ALIGN=RIGHT>&nbsp;<B>$8</B></TD>
     <TD ALIGN=RIGHT>&nbsp;<B>$18</B></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><BR><U>2004</U></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net sales</TD>
     <TD ALIGN=RIGHT>$485</TD>
     <TD ALIGN=RIGHT>$433</TD>
     <TD ALIGN=RIGHT>$458</TD>
     <TD ALIGN=RIGHT>$552</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Percentage of year's net sales</TD>
     <TD ALIGN=RIGHT>25.1%</TD>
     <TD ALIGN=RIGHT>22.5%</TD>
     <TD ALIGN=RIGHT>23.8%</TD>
     <TD ALIGN=RIGHT>28.6%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Gross profit</TD>
     <TD ALIGN=RIGHT>$76</TD>
     <TD ALIGN=RIGHT>$68</TD>
     <TD ALIGN=RIGHT>$71</TD>
     <TD ALIGN=RIGHT>$71</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Income from operations</TD>
     <TD ALIGN=RIGHT>&nbsp;$7</TD>
     <TD ALIGN=RIGHT>&nbsp;$2</TD>
     <TD ALIGN=RIGHT>&nbsp;$4</TD>
     <TD ALIGN=RIGHT>&nbsp;$6</TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Financial Condition,
Liquidity and Capital Resources </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity
is the ability to generate sufficient cash flows to meet obligations and commitments from
operating activities and the ability to obtain appropriate financing and to convert into
cash those assets that are no longer required to meet existing strategic and financing
objectives. Therefore, liquidity cannot be considered separately from capital resources
that consist of current and potentially available funds for use in achieving long-range
business objectives and meeting debt service commitments. Currently, our liquidity needs
arise primarily from working capital requirements and capital expenditures. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
working capital was $169.8 million at December 31, 2005, an increase of $21.8 million from
$148.0 million at the end of 2004. This was due principally to a $34.7 million increase in
cash and a $5.3 million increase in accounts receivable offset by a $5.9 million increase
in accounts payable, a $1.8 million increase in short-term borrowings, a $3.2 million
increase in accrued expense and other current liabilities, a $3.3 million decrease in
inventories and a $4.0 million decrease in prepaid expenses and other current assets. The
$3.3 million decrease in our inventories was comprised of a $6.2 million decrease in our
European inventories, which have been lowered in response to continuing weakness in those
markets and declined in dollar terms as a result of changes in exchange rates. This
decrease was partially offset by a $3.0 million increase in industrial products
inventories resulting from increased sourcing of these products from Asia for which we
have to compensate for longer lead times. Our computer products inventories in North
America remained even with the prior year&#146;s level. Inventory turnover declined
slightly from 10 to 9.3 times, as improvement in Europe resulting from decreased inventory
was not enough to offset higher average inventories during the year in North America. The
increase in accounts receivable occurred in North America, resulting from our increased
sales. This also increased our North American days of sales outstanding from 13 days to 14
days. Accounts receivable in Europe decreased as a result of limited sales growth and
changes in exchange rates. We expect that future accounts receivable and inventory
balances will fluctuate with the mix of our net sales between consumer and business
customers, as well as geographic regions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
maintain our cash and cash equivalents primarily in money market funds or their
equivalent. As of December 31, 2005, all of our investments mature in less than three
months. Accordingly, we do not believe that our investments have significant exposure to
interest rate risk. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
cash balance increased $34.7 million to $70.9 million during the year ended December 31,
2005. Net cash provided by operating activities was $35.0 million for the year ended
December 31, 2005 and $12.8 million for the year ended December 31, 2004 and net cash used
in operating activities was $6.6 million in 2003. The increase in cash provided by
operating activities in 2005 of $22.2 million resulted from a $10.4 million increase in
net income adjusted by other non-cash items, such as depreciation expense, and a decrease
of $11.9 million in cash used for changes in our working capital accounts. The $19.4
million increase in cash provided by operating activities in 2004 resulted from an
increase in cash provided by net income adjusted by other non-cash items, such as
depreciation expense, and a decrease in cash used for changes in our working capital
accounts. Cash provided by net income and other non-cash items was $27.2 million in 2004,
an increase of $5.5 million, compared to $21.7 million in 2003, and was primarily
attributable to the $7.0 million increase in net income. The cash used for changes in our
working capital accounts, which were discussed in the working capital comments above, was
$14.5 million in 2004 compared to $28.3 million in 2003. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
used cash of $5.8 million during 2005 and $8.3 million during 2004 in investing
activities, principally for the purchase of property, plant and equipment. Capital
expenditures in both 2005 and 2004 included upgrades and enhancements to our information
and communications systems hardware and facilities costs for the opening of additional
retail outlet stores in North America. During 2003, $9.7 million of cash was used in
investing activities, principally $7.1 million for the purchase of property, plant and
equipment and $2.6 million for the acquisition of the minority interest in our Netherlands
subsidiary. The capital expenditures in 2003 included upgrades and enhancements to our
information and communications systems hardware and facilities costs for the opening of
several retail outlet stores. We anticipate no major capital expenditures in 2006 and will
fund any capital expenditures out of cash from operations and borrowings under our credit
lines. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
cash of $4.7 million was provided by financing activities for the year ended December 31,
2005, primarily as a result of an increase in our short-term borrowings in Europe. Net
cash of $6.8 million was used in financing activities in 2004, primarily for the repayment
of short and long-term borrowings. Net cash of $3.8 million was used in financing
activities in 2003, primarily to repay short and long-term obligations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
amended our $70 million secured United States revolving credit agreement in October 2005
to increase the amount available to $120 million (which may be increased by up to an
additional $30 million, subject to certain conditions), increase the number of lenders
participating and to provide for borrowings by both our United States and United Kingdom
businesses. The upgraded facility expires in October 2010. Borrowings under the agreement
are subject to borrowing base limitations of up to 85% of eligible accounts receivable and
40% of qualified inventories and are secured by accounts receivable, inventories and
certain other assets. The undrawn availability under the facility may not be less than $15
million until the last day of any month in which the availability net of outstanding
borrowings is at least $70 million. The revolving credit agreement requires that we
maintain a minimum level of availability. If such availability is not maintained, we will
then be required to maintain a fixed charge coverage ratio (as defined). The agreement
contains certain other covenants, including restrictions on capital expenditures and
payments of dividends. We were in compliance with all of the covenants as of December 31,
2005. We were not in compliance with the financial reporting requirements regarding timely
filing of our financial statements under the agreement for periods subsequent to December
31, 2005 for which the lenders have approved a waiver. As of December 31, 2005,
availability under the facility was $97.6 million. There were outstanding advances of
$21.8 million (all in the United Kingdom) and outstanding letters of credit of $14.6
million as of December 31, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the amendment to our revolving credit agreement in October 2005, we
terminated our &pound;15 million multi-currency credit facility with a financial
institution in the United Kingdom, which was available to our United Kingdom subsidiaries.
We also paid off the remaining &pound;4.6 million balance on our United Kingdom term loan,
which we had entered into in 2002 to finance the construction of our United Kingdom
headquarters. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Netherlands subsidiary has a &#128;5 million ($5.9 million at the December 31, 2005
exchange rate, which exchange rate applies to all other Euro denominated amounts below)
credit facility. Borrowings under the facility are secured by the subsidiary&#146;s
accounts receivable and are subject to a borrowing base limitation of 85% of the eligible
accounts. At December 31, 2005 there were &#128;3.8 million ($4.4 million) of borrowings
outstanding under this line with interest payable at a rate of 5.0%. The facility expires
in November 2006. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
April 2002 we entered into a ten year, $8.4 million mortgage loan on our Suwanee, Georgia
distribution facility. The mortgage had monthly principal and interest payments of $62,000
through May 2012, with a final additional principal payment of $6.4 million at maturity in
May 2012. The mortgage loan bore interest at 7.04% and was collateralized by the
underlying land and building. During the first quarter of fiscal 2006, we sold this
facility and repaid the remaining balance on the loan. The facility was replaced by a
larger, leased distribution center in a near-by area. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are obligated under non-cancelable operating leases for the rental of most of our
facilities and certain of our equipment which expire at various dates through 2026. We
currently lease our New York facility from an entity owned by Richard Leeds, Robert Leeds
and Bruce Leeds, the Company&#146;s three principal shareholders and senior executive
officers. The annual rental totals $612,000 and the lease expires in 2007. We have
sublease agreements for unused space we lease in Compton, California and Wellingborough,
England. In the event a sublessee is unable to fulfill its obligations, we would be
responsible for rent due under the lease. However, we expect the sublessees will fulfill
their obligations under the leases. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
is a summary of our contractual obligations for future principal payments on our debt,
minimum rental payments on our non-cancelable operating leases and minimum payments on our
other purchase obligations at December 31, 2005 (in thousands): </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH ALIGN=RIGHT>2006<HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=RIGHT>2007<HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=RIGHT>2008<HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=RIGHT>2009<HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=RIGHT>2010<HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=RIGHT>After<BR>
2010<HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><I>Contractual Obligations:</I></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Payments on debt obligations</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including interest)</TD>
     <TD ALIGN=RIGHT>$26,937</TD>
     <TD ALIGN=RIGHT>$&nbsp;&nbsp;&nbsp;&nbsp;738</TD>
     <TD ALIGN=RIGHT>$&nbsp;&nbsp;&nbsp;&nbsp;739</TD>
     <TD ALIGN=RIGHT>$&nbsp;&nbsp;&nbsp;&nbsp;738</TD>
     <TD ALIGN=RIGHT>$&nbsp;&nbsp;738</TD>
     <TD ALIGN=RIGHT>$&nbsp;7,322</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Payments on capital lease</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;obligations</TD>
     <TD ALIGN=RIGHT>387</TD>
     <TD ALIGN=RIGHT>299</TD>
     <TD ALIGN=RIGHT>126</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Payments on non-cancelable</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;operating leases, net of</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;subleases</TD>
     <TD ALIGN=RIGHT>7,597</TD>
     <TD ALIGN=RIGHT>9,200</TD>
     <TD ALIGN=RIGHT>8,819</TD>
     <TD ALIGN=RIGHT>8,443</TD>
     <TD ALIGN=RIGHT>6,348</TD>
     <TD ALIGN=RIGHT>55,160</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Purchase and other obligations</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>4,074</TD>
     <TD ALIGN=RIGHT>2,869</TD>
     <TD ALIGN=RIGHT>1,733</TD>
     <TD ALIGN=RIGHT>1,191</TD>
     <TD ALIGN=RIGHT>1,169</TD>
     <TD ALIGN=RIGHT>2,836</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Total contractual obligations</TD>
     <TD ALIGN=RIGHT>$38,995</TD>
     <TD ALIGN=RIGHT>$13,106</TD>
     <TD ALIGN=RIGHT>$11,417</TD>
     <TD ALIGN=RIGHT>$10,372</TD>
     <TD ALIGN=RIGHT>$8,255</TD>
     <TD ALIGN=RIGHT>$65,318</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
purchase and other obligations include $0.6 million of inventory purchases under
outstanding letters of credit from overseas vendors which expire during 2006. The balance
consists primarily of certain employment agreements and service agreements. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the contractual obligations noted above, we had $14.0 million of standby
letters of credit outstanding as of December 31, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
operating results have generated cash flow which, together with borrowings under our debt
agreements, has provided sufficient capital resources to finance working capital and cash
operating requirements, fund capital expenditures, and fund the payment of interest on
outstanding debt. Our primary ongoing cash requirements will be to finance working
capital, fund the payment of principal and interest on indebtedness and fund capital
expenditures. We believe future cash flows from operations and availability of borrowings
under our lines of credit will be sufficient to fund ongoing cash requirements. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are party to certain litigation, the outcome of which we believe, based on discussions
with legal counsel, will not have a material adverse effect on our consolidated financial
statements. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Off-Balance Sheet
Arrangements </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have not created, and are not party to, any special-purpose or off-balance sheet
entities for the purpose of raising capital, incurring debt or operating our business. We
do not have any arrangements or relationships with entities that are not consolidated into
the financial statements that are reasonably likely to materially affect our liquidity or
the availability of capital resources. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Critical Accounting
Policies and Estimates </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
significant accounting policies are described in Note 1 to the consolidated financial
statements. The policies below have been identified as critical to our business operations
and understanding the results of operations. Certain accounting policies require the
application of significant judgment by management in selecting the appropriate assumptions
for calculating financial estimates. By their nature, these judgments are subject to an
inherent degree of uncertainty, and as a result, actual results could differ from those
estimates. These judgments are based on historical experience, observation of
trends in the industry, information provided by customers and information available from
other outside sources, as appropriate. Management believes that full consideration has
been given to all relevant circumstances that we may be subject to, and the consolidated
financial statements of the Company accurately reflect management&#146;s best estimate of
the consolidated results of operations, financial position and cash flows of the Company
for the years presented. Actual results may differ from these estimates under different
conditions or assumptions. </FONT></P>

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<P><FONT SIZE=3><I>Revenue Recognition.</I> We recognize product sales when persuasive
evidence of an order arrangement exists, delivery has occurred, the sales price is fixed
or determinable and collectibility is reasonably assured. Generally, these criteria are
met at the time of receipt by customers when title and risk of loss both are transferred.
Sales are shown net of returns and allowances, rebates and sales incentives. Reserves for
estimated returns and allowances are provided when sales are recorded, based on historical
experience and current trends. </FONT></P>

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<P><FONT SIZE=3><I>Accounts Receivable and Allowance for Doubtful Accounts.</I> We record
an allowance for doubtful accounts to reflect our estimate of the collectibility of our
trade accounts receivable. We evaluate the collectibility of accounts receivable based on
a combination of factors, including an analysis of the age of customer accounts and our
historical experience with accounts receivable write-offs. The analysis also includes the
financial condition of a specific customer or industry, and general economic conditions.
In circumstances where we are aware of customer charge-backs or a specific customer&#146;s
inability to meet its financial obligations, a specific reserve for bad debts applicable
to amounts due to reduce the net recognized receivable to the amount management reasonably
believes will be collected is recorded. In those situations with ongoing discussions, the
amount of bad debt recognized is based on the status of the discussions. While bad debt
allowances have been within expectations and the provisions established, there can be no
guarantee that we will continue to experience the same allowance rate we have in the past. </FONT></P>

<P><FONT SIZE=3><I>Inventories.</I> We value our inventories at the lower of cost or
market, cost being determined on the first-in, first-out method. Reserves for
excess and obsolete or unmarketable merchandise are provided based on historical
experience, assumptions about future product demand and market conditions. If
market conditions are less favorable than projected or if technological
developments result in accelerated obsolescence, additional write-downs may be
required. While obsolescence and resultant markdowns have been within
expectations, there can be no guarantee that we will continue to experience the
same level of markdowns we have in the past.</FONT></P>

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<P><FONT SIZE=3><I>Long-lived Assets.</I> Management exercises judgment in evaluating our
long-lived assets for impairment. We believe we will generate sufficient undiscounted cash
flow to more than recover the investments made in property, plant and equipment. Our
estimates of future cash flows involve assumptions concerning future operating performance
and economic conditions. While we believe that our estimates of future cash flows are
reasonable, different assumptions regarding such cash flows could materially affect our
evaluations </FONT></P>

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<P><FONT SIZE=3><I>Income Taxes.</I> We are subject to taxation from federal, state and
foreign jurisdictions and the determination of our tax provision is complex and requires
significant management judgment. Management judgment is also applied in the determination
of deferred tax assets and liabilities and any valuation allowances that might be required
in connection with our ability to realize deferred tax assets. </FONT></P>

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<P><FONT SIZE=3>Since we conduct operations internationally, our effective tax rate has
and will continue to depend upon the geographic distribution of our pre-tax income or
losses among locations with varying tax rates and rules. As the geographic mix of our
pre-tax results among various tax jurisdictions changes, the effective tax rate may vary
from period to period. We are also subject to periodic examination from domestic and
foreign tax authorities regarding the amount of taxes due. These examinations include
questions regarding the timing and amount of deductions and the allocation of income among
various tax jurisdictions. We have established, and periodically reevaluate, an estimated
income tax reserve on our consolidated balance sheet to provide for the possibility of
adverse outcomes in income tax proceedings. While management believes that we have
identified all reasonably identifiable exposures and that the reserve we have established
for identifiable exposures is appropriate under the circumstances, it is possible that
additional exposures exist and that exposures may be settled at amounts different than the
amounts reserved. </FONT></P>

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<P><FONT SIZE=3>We account for income taxes in accordance with Statement of Financial
Accounting Standards 109, &#147;Accounting for Income Taxes,&#148; which requires that
deferred tax assets and liabilities be recognized for the effect of temporary differences
between the book and tax bases of recorded assets and liabilities. The realization of net
deferred tax assets is dependent upon our ability to generate sufficient future taxable
income. Where it is more likely than not that some portion or all of the deferred tax
asset will not be realized, we have provided a valuation allowance. If the realization of
those deferred tax assets in the future is considered more likely than not, an adjustment
to the deferred tax assets would increase net income in the period such determination is
made. In the event that actual results differ from these estimates or we adjust these
estimates in future periods, an adjustment to the valuation allowance may be required,
which could materially affect our consolidated financial position and results of
operations. </FONT></P>

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<P><FONT SIZE=3><I>Restructuring charges.</I> We have taken restructuring actions, and may
commence further restructuring activities which result in recognition of restructuring
charges. These actions require management to make judgments and utilize significant
estimates regarding the nature, timing and amounts of costs associated with the activity.
When we incur a liability related to a restructuring action, we estimate and record all
appropriate expenses, including expenses for severance and other employee separation
costs, facility consolidation costs (including estimates of sublease income), lease
cancellations, asset impairments and any other exit costs. Should the actual amounts
differ from our estimates, the amount of the restructuring charges could be impacted,
which could materially affect our consolidated financial position and results of
operations. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
November 2004, the Financial Accounting Standards Board (&#147;FASB&#148;) issued
Statement of Financial Accounting Standards (&#147;SFAS&#148;) 151, &#147;Inventory Costs,
an amendment of ARB No. 43, Chapter 4.&#148; SFAS 151 clarifies that abnormal inventory
costs such as costs of idle facilities, excess freight and handling costs, and wasted
materials (spoilage) are required to be recognized as current period charges. SFAS 151
also requires that the allocation of fixed production overheads to the costs of conversion
be based on the normal capacity of the production facility. The provisions of SFAS 151
will be effective for fiscal years beginning after June 15, 2005 and is required to be
adopted by the Company in the first quarter of fiscal 2006. The Company does not expect
that the adoption will have a material impact on the Company&#146;s consolidated financial
position or results of operations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2004, the FASB issued SFAS 123 (revised 2004) (SFAS 123R), &#147;Share-Based
Payment.&#148; SFAS 123R replaced SFAS 123, &#147;Accounting for Stock-Based
Compensation,&#148; and superseded Accounting Principles Board Opinion 25,
&#147;Accounting for Stock Issued to Employees.&#148; SFAS 123R requires the recognition
of compensation cost relating to share-based payment transactions, including employee
stock options, in financial statements. That cost will be measured based on the fair value
of the equity or liability instruments issued. SFAS 123R provides alternative methods of
adoption which include prospective application and a modified retroactive application.
SFAS 123(R) also requires the benefits of tax deductions in excess of recognized
compensation expense to be reported as a financing cash flow, rather than as an operating
cash flow as prescribed under current accounting rules. The Company is required to adopt
the provisions of SFAS 123R effective as of the beginning of its first quarter in 2006.
The Company is evaluating the available alternatives of adoption of SFAS 123R. The Company
currently accounts for share-based payments using APB Opinion 25&#145;s intrinsic value
method and recognizes no compensation expense for employee stock options as permitted
under SFAS 123. See &#147;Stock-based Compensation,&#148; above, for the effect on
reported net income if we had accounted for our stock-based compensation plans using the
fair value recognition provisions of SFAS 123. The actual effects of adopting SFAS 123R
will depend on numerous factors, including the amounts of share-based payments granted in
the future, the valuation model we use and estimated forfeiture rates. The Company has not
made any modifications to its stock-based compensation plans as a result of the issuance
of SFAS 123R. The Company believes the adoption of SFAS 123R will not have a material
effect on its consolidated financial statements. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
March 2005, the Securities and Exchange Commission (&#147;SEC&#148;) released SEC Staff
Accounting Bulletin (&#147;SAB&#148;) 107, &#147;Share-Based Payment.&#148; SAB 107
provides the SEC staff&#146;s position regarding the application of SFAS No.&nbsp;123R and
certain SEC rules and regulations, and also provides the staff&#146;s views regarding the
valuation of share-based payments for public companies. The Company will adopt SAB 107 in
connection with its adoption of SFAS 123R. The Company is currently reviewing the effects,
if any, that the application of SAB 107 will have on the Company&#146;s consolidated
financial position and results of operations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2005, the FASB issued SFAS No. 154, &#147;Accounting Changes and Error
Corrections&#148; (&#147;SFAS 154&#148;) which replaces Accounting Principles Board
Opinion No. 20 &#147;Accounting Changes&#148; and SFAS No. 3, &#147;Reporting Accounting
Changes in Interim Financial Statements-An Amendment of APB Opinion No. 28.&#148; SFAS 154
changes the requirements for the accounting for and reporting of a change in accounting
principle. Previously, most voluntary changes in accounting principles required
recognition of a cumulative effect adjustment within net income of the period of the
change. SFAS 154 requires retrospective application to prior periods&#146; financial
statements, unless it is impracticable to determine either the period-specific effects or
the cumulative effect of the change. SFAS 154 also applies to changes required by an
accounting pronouncement in the rare case that the pronouncement does not contain specific
transition provisions. This statement also carries forward the guidance from APB
No.&nbsp;20 regarding the correction of an error and changes in accounting estimates. SFAS
154 is effective for accounting changes and corrections of errors made in fiscal years
beginning after December 15, 2005. The Company does not believe the adoption of SFAS 154
will have a material effect on its consolidated financial position, results of operations
or cash flows. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2005, the FASB issued FSP FAS 143-1, &#147;Accounting for Electronic Equipment Waste
Obligations&#148; (&#147;FSP FAS 143-1&#148;) to address the accounting for obligations
associated with a European Union&#146;s Directive on Waste Electrical and Electronic
Equipment (the &#147;Directive&#148;). The Directive, enacted in 2003, requires EU-member
countries to adopt legislation to regulate the collection, treatment, recovery and
environmentally sound disposal of electrical and electronic waste equipment. The Directive
distinguishes between products put on the market after August 13, 2005 (&#147;new
waste&#148;) and products put on the market on or before that date (&#147;historical
waste&#148;). FSP FAS 143-1 addresses the accounting for historical waste only and will be
applied the later of the first reporting period ending after June 8, 2005 or the date of
the adoption of the law by the applicable EU-member country. The adoption of FSP FAS 143-1
did not have a material impact on the Company&#146;s consolidated financial position or
results of operations for the EU-member countries which have adopted the law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
October 2005, the FASB issued FSP FAS 13-1, &#147;Accounting for Rental Costs Incurred
During a Construction Period,&#148; (&#147;FSP FAS 13-1&#148;) which requires the
expensing of rental costs associated with ground or building operating leases that are
incurred during the construction period. FSP FAS 13-1 is effective in the first reporting
period beginning after December 15, 2005. The Company does not expect that this
pronouncement will have a material effect on its financial position or results of
operations. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 7A. Quantitative
and Qualitative Disclosure About Market Risk. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are exposed to market risks, which include changes in U.S. and international interest
rates as well as changes in currency exchange rates (principally Pounds Sterling, Euros
and Canadian Dollars) as measured against the U.S. Dollar and each other. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
translation of the financial statements of our operations located outside of the United
States is impacted by movements in foreign currency exchange rates. Changes in currency
exchange rates as measured against the U.S. dollar may positively or negatively affect
sales, gross margins, operating expenses and retained earnings as expressed in U.S.
dollars. Sales would have fluctuated by approximately $72 million and income from
operations would have fluctuated by approximately $0.2 million if average foreign exchange
rates changed by 10% in 2005. We have limited involvement with derivative financial
instruments and do not use them for trading purposes. We may enter into foreign currency
options or forward exchange contracts aimed at limiting in part the impact of certain
currency fluctuations, but as of December 31, 2005 we had no outstanding forward exchange
contracts. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
exposure to market risk for changes in interest rates relates primarily to our variable
rate debt. Our variable rate debt consists of short-term borrowings under our credit
facilities. As of December 31, 2005, the balance outstanding on our variable rate debt was
approximately $26.2 million. A hypothetical change in average interest rates of one
percentage point is not expected to have a material effect on our financial position,
results of operations or cash flows over the next fiscal year. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 8. Financial
Statements and Supplementary Data. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information required by Item 8 of Part II is incorporated herein by reference to the
Consolidated Financial Statements filed with this report; see Item 15 of Part IV. </FONT></P>

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<P><FONT SIZE=3><B>Item 9. Changes In and Disagreements with Accountants on Accounting and
Financial Disclosure.</B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 9A. Controls and
Procedures. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>Disclosure Controls and
Procedures</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company establishes and maintains disclosure controls and procedures that are designed to
provide reasonable assurance that information required to be disclosed by the Company in
the reports it files under the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported within the time periods specified in the SEC&#146;s rules and
forms. Disclosure controls are also designed to provide reasonable assurance that such
information is accumulated and reported to management, including the Chief Executive
Officer and the Chief Financial Officer, to allow timely decisions regarding required
disclosure. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
management, including our CEO and CFO, does not expect that our disclosure controls and
procedures will prevent all errors and all fraud. A control system, no matter how well
designed and operated, can provide only reasonable, not absolute, assurance that the
objectives of the control system are met. Further, the design of a control system must
reflect the fact that there are resource constraints, and the benefits of controls must be
considered relative to their costs. Because of the inherent limitations in control
systems, misstatements due to error or fraud may occur and not be detected. These
limitations include the circumstances that breakdowns can occur as a result of error or
mistake, the exercise of judgment by individuals or that controls can be circumvented by
acts of misconduct. Also, projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may
deteriorate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the end of the period covered by this report, we carried out an evaluation, under the
supervision and with the participation of our management, including the Chief Executive
Officer and the Chief Financial Officer, of the effectiveness of the design and the
operation of our disclosure controls and procedures pursuant to Exchange Act Rules 13a-15
and 15d-15 of the Securities Exchange Act of 1934. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on their evaluation, as of December 31,
2005, the Chief Executive Officer and the Chief Financial Officer, have
concluded that our disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended)
were not effective to ensure that the information required to be disclosed by us
in this annual report on Form 10-K was recorded, processed, summarized and
reported within the time periods specified in the SEC&#146;s rules and forms.
This conclusion is based on our identification of three material weaknesses in
our internal controls over financial reporting as of December 31, 2005. The
material weaknesses are: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
We do not maintain sufficiently and adequately trained personnel resources at certain
locations outside of the Company&#146;s corporate headquarters with the requisite
knowledge and financial reporting expertise to execute a timely financial closing process,
address non-routine accounting issues that arise in the normal course of the
Company&#146;s operations and ensure the timely and accurate preparation of interim and
annual financial statements. </FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 4" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
We have insufficient processes to effectively prepare timely account reconciliations and
analyses with thorough documentation and substantiation of certain general ledger accounts
resulting in a number of audit adjustments required to be recorded after being identified
by our independent registered public accountants. </FONT></TD>
</TR>
</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
We have inadequately designed processes to properly estimate certain liability
accounts related to inventory purchases at our Tiger Direct subsidiary. The
processes lack sufficient internal controls to accurately record, reconcile and
review such transactions.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Our independent registered public accounting firm has issued a material
weakness letter to the Company which addresses these material weaknesses. These matters
have been discussed among management, the audit committee and our independent registered
public accountants. We are in the process of addressing the remediation of these issues. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of this determination and as part of the work undertaken in connection with this
report, we have applied compensating procedures and processes as necessary to ensure the
reliability of our financial reporting. Accordingly, management believes, based on its
knowledge, that (i) 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 they were made, not misleading with respect to the period
covered by this report and (ii) the financial statements, and other financial information
included in this report, fairly reflect the form and substance of transactions and fairly
present in all material respects our financial condition, results of operations and cash
flows as at, and for, the periods presented in this report. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>Material Weaknesses
Reported for the Years Ended December 31, 2004 and December 31, 2003</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
reported in our amended Annual Reports on Form 10-K/A for the years ended December 31,
2004 and December 31, 2003, management was unable to conclude that the Company&#146;s
internal controls over financial reporting were then effective, as a result of material
weaknesses resulting from the ineffectiveness of internal controls over inventory in our
United Kingdom and Tiger Direct subsidiaries. We are continuing to evaluate and test the
steps taken to improve the effectiveness of our internal controls over financial reporting
and we implemented the following changes to further address our material weaknesses: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2005, we implemented a number of remediation measures to address the material weakness
related to inventory at our United Kingdom subsidiary. These measures included: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Modification of our internal procedures to more accurately identify the types of
inventory transactions processed</TD>
</TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Implementation of additional system reporting to provide more details to enhance
the inventory reconciliation process</TD>
</TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Addition of management-level reviews to support the reconciliation process</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Implementation of additional review procedures to test cut-off accuracy.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2005, we also implemented remediation measures to address the material weakness related to
inventory at our Tiger Direct subsidiary. These measures included: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Modification of our internal information technology control procedures to help ensure the
accurate compilation of inventory at the end of each financial period </TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Conducting of more frequent physical inventory counts (at least once per quarter) during
the last three quarters of fiscal 2005</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Preparation and analysis of detailed monthly inventory reconciliations, which is supported
by additional management review</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Implementation of additional review procedures to test cut-off accuracy</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Hiring of a new person to fill a senior managerial position overseeing the
subsidiary&#146;s accounting staff and also increasing the subsidiary&#146;s accounting
staff.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
progress is being made to remediate the material weaknesses identified, we are continuing
to monitor these processes to further improve our procedures as may be necessary. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
former independent registered public accounting firm, Deloitte &amp; Touche LLP, issued a
material weakness letter to the Company which addressed both the weaknesses at the
Company&#146;s United Kingdom subsidiary and inadequate oversight and control activities
on the part of senior management of the Company over its remote subsidiaries. These
matters were discussed in detail among management, the audit committee and our former
independent registered public accountants. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>Section 404 of the
Sarbanes-Oxley Act</I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are not yet subject to the internal controls certification and attestation requirements of
Section 404 of the Sarbanes-Oxley Act of 2002 because we are not an accelerated filer.
Based on SEC implementing regulations in effect as of June 30, 2006, at the end of fiscal
year 2007 Section 404 of the Sarbanes-Oxley Act of 2002 will require that management
provide an assessment of the effectiveness of the Company&#146;s internal control over
financial reporting and that the Company&#146;s independent registered public accounting
firm will be required to audit that assessment. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are continuing to work to achieve compliance with the requirements of Section 404. We have
dedicated substantial time and resources to documentation and review of our procedures,
including the hiring of additional internal audit staff in both the United States and in
Europe. We will also evaluate the need to engage outside consultants to assist us. We have
not completed this process or its assessment, due to the complexities of our decentralized
structure and the number of accounting systems in use. We have not completed our
assessment of our internal control over financial reporting. In addition to the two
material weaknesses as of December 31, 2005 discussed under the caption &#147;Disclosure
Controls and Procedures,&#148; we have identified a number of internal control significant
deficiencies, including controls in the information technology area, that may affect the
timeliness and accuracy of recording transactions and which, individually or in the
aggregate, could become material weaknesses in future periods if not remediated. While the
Company does not believe that the following are currently material weaknesses, they are
designated as significant deficiencies as of December 31, 2005: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>
The disparate operating and financial information systems used at certain of our
locations have inherent limitations resulting in a control environment heavily
reliant upon manual review procedures and adjustments. These deficiencies
include inadequate or lack of systems interfaces and the preparation of numerous
manual journal entries.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>
Internal control deficiencies in the information technology area include lack of
adequate general controls. We lack program change and project management
controls, have inadequate segregation of duties between information technology
department development and production functions, need formal information
technology strategic planning, need formal documentation of information security
procedures, need security around user rights to certain application systems and
need to implement formal help desk procedures.
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have a significant amount of work to do to remediate the items we have identified. In the
course of completing our evaluation and testing we may identify further deficiencies and
weaknesses that will need to be addressed and will require remediation. We may not be able
to correct all such internal control deficiencies in a timely manner and may find that a
material weakness or weaknesses continues to exist. As a result, management may not be
able to issue an unqualified opinion on the effectiveness of the Company&#146;s internal
control over financial reporting as of December 31, 2007, if required. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>Changes in Internal
Controls Over Financial Reporting</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
management is not aware of any changes in internal control over financial reporting that
occurred during the quarter ended December 31, 2005 that materially affected, or were
reasonably likely to materially affect, our internal control over financial reporting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold"  -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 9B. Other
Information. </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>PART III </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 10. Directors and
Executive Officers of the Registrant. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>Directors</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth below is biographical information for each Director of the Company, as of
May&nbsp;31, 2006. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard
Leeds, age 46, has served as Chairman and Chief Executive Officer of the Company since
April 1995. From April 1995 to February 1996 Mr. Leeds also served as Chief Financial
Officer of the Company. Mr. Leeds joined the Company in 1982 and since 1984 has served in
various executive capacities. Mr. Leeds graduated from New York University in 1982 with a
B.S. in Finance. Richard Leeds is the brother of Bruce and Robert Leeds. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruce
Leeds, age 51, has served as Vice Chairman since April 1995. Mr. Leeds served as President
of International Operations from 1990 until March 2005. Mr. Leeds joined the Company after
graduating from Tufts University in 1977 with a B.A. in Economics and since 1982 has
served in various executive capacities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert
Leeds, age 51, has served as Vice Chairman since April 1995. Mr. Leeds served as President
of Domestic Operations from April 1995 until March 2005. Since 1982 Mr. Leeds has served
in various executive capacities with the Company. Mr. Leeds graduated from Tufts
University in 1977 with a B.S. in Computer Applications Engineering and joined the Company
in the same year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert
Fiorentino, age 46, has served as a Director of the Company since May 25, 2004. Mr.
Fiorentino is President and Chief Executive Officer of Tiger Direct Inc., a company he
founded in 1988. Tiger Direct became a wholly owned subsidiary of the Company in 1996. Mr.
Fiorentino graduated with honors in 1981 from the University of Miami with a BS degree in
Economics and graduated in 1984 from the University of Miami Law School. He was an Adjunct
Professor of Business Law at the University of Miami from 1985 through 1994. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert
D. Rosenthal, age 57, has served as a Director of the Company since July 1995. Mr.
Rosenthal is Chairman and Chief Executive Officer of First Long Island Investors, Inc.,
which he co-founded in 1983. From July 1971 until September 1983, Mr. Rosenthal held
increasingly responsible positions at Entenmann&#146;s Inc., eventually becoming Executive
Vice President and Chief Operating Officer. Mr. Rosenthal is a 1971 cum laude
graduate of Boston University and a 1974 graduate of Hofstra University Law School. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Stacy S. Dick, age 49, has served as a Director of the
Company since November 1995. Mr. Dick became a Managing Director of Rothschild
Inc. in January 2004 and has served as an executive officer of other entities
controlled by Rothschild family interests since March 2001. From August 1998 to
March 2001 Mr. Dick was a principal of Evercore Partners, an investment banking
firm. From 1996 until 1998, Mr. Dick was Executive Vice President of Tenneco
Inc. Mr. Dick graduated from Harvard University with an AB degree <I>magna cum
laude</I> in 1978 and a Ph.D. in Business Economics in 1983. He has served as an
adjunct professor of finance at the Stern School of Business (NYU) since
2004.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ann
R. Leven, age 65, has served as a Director of the Company since May 2001. Ms. Leven served
as Treasurer and Chief Fiscal Officer of the National Gallery of Art in Washington D.C.
from December 1990 to October 1999. From August 1984 to December 1990 she was Chief
Financial Officer of the Smithsonian Institution. Ms. Leven has been a Director of the
Delaware Investment&#146;s Family of Mutual Funds since September 1989. From December 1999
to May 2003 Ms. Leven was a Director of Recoton Corporation. From 1975 to 1993 Ms. Leven
taught business strategy and administration at the Columbia University Graduate School of
Business. She received an M.B.A. degree from Harvard University in 1964. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
director serves for a term of one year and until his or her successor has been duly
elected and qualified. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>Executive Officers</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth below is biographical information for each executive officer of the Company who is
not also a Director, as of May&nbsp;31, 2006. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven
M. Goldschein, age 60, joined the Company in December 1997 and was appointed Senior Vice
President and Chief Financial Officer of the Company in January 1998. From 1982 through
December 1997 Mr. Goldschein was Vice President-Administration and Chief Financial Officer
of Lambda Electronics Inc. From 1980 through 1982 he was that company&#146;s Corporate
Controller. Mr. Goldschein is a 1968 graduate of Michigan State University and a certified
public accountant in New York. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael
J. Speiller, age 52, has been Vice President and Controller since October 1998. From
December 1997 through September 1998 Mr. Speiller was Vice President and Chief Financial
Officer of Lambda Electronics Inc. From 1982 through 1997 he was Vice President and
Controller of Lambda Electronics Inc. From 1980 through 1982 he was a divisional
controller for that company. Prior to that he was an auditor with the accounting firm of
Ernst &amp; Young. Mr. Speiller graduated in 1976 with a B.S. degree in Public Accounting
from the State University of New York at Albany and is a certified public accountant in
New York. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curt
S. Rush, age 52, has been General Counsel to the Company since September 1996
and was appointed Secretary of the Company in October 1996. Prior to joining the
Company, Mr. Rush was employed from 1993 to 1996 as Corporate Counsel to Globe
Communications Corp. and from 1990 to 1993 as Corporate Counsel to the Image
Bank, Inc. Prior to that he was a corporate attorney with the law firms of
Shereff, Friedman, Hoffman &amp; Goodman and Schnader, Harrison, Segal &amp;
Lewis in their New York offices. Mr. Rush graduated from Hunter College in 1981
with a B.A. degree in Philosophy and graduated with honors from Brooklyn Law
School in 1984, where he was Second Circuit Review Editor of the Law Review. He
was admitted to the Bar of the State of New York in 1985. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>Audit Committee</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
members of the Audit Committee are Stacy S. Dick, Robert D. Rosenthal and Ann R. Leven.
Mr. Dick is the current Chairman of the Committee. All of the members of the Audit
Committee are non-management directors (i.e. they are neither officers nor employees of
the Company). In the judgment of the Board of Directors, each of the members of the Audit
Committee meets the standards for independence required by the rules of the Securities and
Exchange Commission and New York Stock Exchange. In addition, the Board of Directors has
determined that each of the members of the Audit Committee is an &#147;audit committee
financial expert&#148; as defined by regulations of the Securities and Exchange
Commission. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 11. Executive
Compensation. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the compensation earned by the Chief Executive
Officer (&#147;CEO&#148;) and the four most highly compensated executive
officers other than the CEO (the "Named Executive Officers") for the years ended
December 31, 2003, 2004 and 2005. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%><B>Summary Compensation Table</B>
</TD>
</TR>
</TABLE>
<BR>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"></TH>
     <TH ALIGN="CENTER"></TH>
     <TH ALIGN="CENTER" COLSPAN="2">Annual Compensation (1)<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">Long-term<BR>
Compensation<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH ALIGN="CENTER">Name and Principal Position<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">Year<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="RIGHT">Salary<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="RIGHT">Bonus<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">Securities<BR>
Underlying<BR>
Options (#)<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="35%">Richard Leeds</TD>
     <TD ALIGN="CENTER" WIDTH="15%">2005</TD>
     <TD ALIGN="RIGHT" WIDTH="15%">401,092&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="15%">500,000&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="20%">None</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Chairman and Chief Executive Officer</TD>
     <TD ALIGN="CENTER">2004</TD>
     <TD ALIGN="RIGHT">403,348&nbsp;</TD>
     <TD ALIGN="RIGHT">250,000&nbsp;</TD>
     <TD ALIGN="CENTER">None</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="CENTER">2003</TD>
     <TD ALIGN="RIGHT">378,101&nbsp;</TD>
     <TD ALIGN="RIGHT">75,000&nbsp;</TD>
     <TD ALIGN="CENTER">None</TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN="5">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Bruce Leeds</TD>
     <TD ALIGN="CENTER">2005</TD>
     <TD ALIGN="RIGHT">389,881&nbsp;</TD>
     <TD ALIGN="RIGHT">250,000&nbsp;</TD>
     <TD ALIGN="CENTER">None</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Vice Chairman and President of</TD>
     <TD ALIGN="CENTER">2004</TD>
     <TD ALIGN="RIGHT">403,348&nbsp;</TD>
     <TD ALIGN="RIGHT">--&nbsp;</TD>
     <TD ALIGN="CENTER">None</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;International Operations</TD>
     <TD ALIGN="CENTER">2003</TD>
     <TD ALIGN="RIGHT">378,101&nbsp;</TD>
     <TD ALIGN="RIGHT">75,000&nbsp;</TD>
     <TD ALIGN="CENTER">None</TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN="5">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Robert Leeds</TD>
     <TD ALIGN="CENTER">2005</TD>
     <TD ALIGN="RIGHT">389,881&nbsp;</TD>
     <TD ALIGN="RIGHT">250,000&nbsp;</TD>
     <TD ALIGN="CENTER">None</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Vice Chairman and President of</TD>
     <TD ALIGN="CENTER">2004</TD>
     <TD ALIGN="RIGHT">403,348&nbsp;</TD>
     <TD ALIGN="RIGHT">--&nbsp;</TD>
     <TD ALIGN="CENTER">None</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;Domestic Operations</TD>
     <TD ALIGN="CENTER">2003</TD>
     <TD ALIGN="RIGHT">378,101&nbsp;</TD>
     <TD ALIGN="RIGHT">75,000&nbsp;</TD>
     <TD ALIGN="CENTER">None</TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN="5">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Gilbert Fiorentino</TD>
     <TD ALIGN="CENTER">2005</TD>
     <TD ALIGN="RIGHT">446,808&nbsp;</TD>
     <TD ALIGN="RIGHT">500,000&nbsp;</TD>
     <TD ALIGN="CENTER">None</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">President and CEO of</TD>
     <TD ALIGN="CENTER">2004</TD>
     <TD ALIGN="RIGHT">400,000&nbsp;</TD>
     <TD ALIGN="RIGHT">250,000&nbsp;</TD>
     <TD ALIGN="CENTER">166,667</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;Tiger Direct Inc. (2)</TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN="5">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Steven M. Goldschein</TD>
     <TD ALIGN="CENTER">2005</TD>
     <TD ALIGN="RIGHT">403,248&nbsp;</TD>
     <TD ALIGN="RIGHT">75,000&nbsp;</TD>
     <TD ALIGN="CENTER">None</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Senior Vice President and Chief</TD>
     <TD ALIGN="CENTER">2004</TD>
     <TD ALIGN="RIGHT">396,193&nbsp;</TD>
     <TD ALIGN="RIGHT">40,000&nbsp;</TD>
     <TD ALIGN="CENTER">None</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;Financial Officer</TD>
     <TD ALIGN="CENTER">2003</TD>
     <TD ALIGN="RIGHT">371,157&nbsp;</TD>
     <TD ALIGN="RIGHT">30,000&nbsp;</TD>
     <TD ALIGN="CENTER">40,000</TD></TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(1)</TD>
<TD WIDTH=95%>
The Company provides automobile and gasoline allowances, insurance coverage and
matching 401(k) contributions, where applicable, which in the aggregate do not
exceed the lesser of $50,000 or 10 percent of each individual&#146;s annual
salary and bonus.
</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(2)</TD>
<TD WIDTH=95%>
Mr. Fiorentino was not considered an executive officer of the Company until
2004.
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Option Grants in Last
Fiscal Year </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3>No options were granted to any of the Named
Executive Officers.</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Aggregated Option
Exercises in Last Fiscal Year and<BR>
Fiscal Year-End Option
Values </FONT></H1>

<P><FONT SIZE=3>The following table sets forth certain information regarding
option exercises and year-end option values for the Named Executive
Officers:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH>Name<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">Shares<BR>
Acquired<BR>
on<BR>
Exercise(#)<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">Value<BR>
Realized($)<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">Number of<BR>
Securities<BR>
Underlying<BR>
Unexercised<BR>
Options at<BR>
December 31, 2005<BR>
(#) Exercisable/<BR>
Unexercisable<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">Value of<BR>
Unexercised<BR>
In-the-Money<BR>
Options at<BR>
December 31, 2005<BR>
Exercisable/<BR>
Unexercisable<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH ALIGN="CENTER"></TH>
     <TH ALIGN="CENTER"></TH>
     <TH ALIGN="CENTER"></TH>
     <TH ALIGN="CENTER"></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%">Richard Leeds</TD>
     <TD ALIGN="CENTER" WIDTH="20%">-</TD>
     <TD ALIGN="CENTER" WIDTH="20%">-</TD>
     <TD ALIGN="CENTER" WIDTH="20%">--</TD>
     <TD ALIGN="CENTER" WIDTH="20%">--</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Bruce Leeds</TD>
     <TD ALIGN="CENTER">-</TD>
     <TD ALIGN="CENTER">-</TD>
     <TD ALIGN="CENTER">-</TD>
     <TD ALIGN="CENTER">-</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Robert Leeds</TD>
     <TD ALIGN="CENTER">-</TD>
     <TD ALIGN="CENTER">-</TD>
     <TD ALIGN="CENTER">-</TD>
     <TD ALIGN="CENTER">-</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Gilbert Fiorentino</TD>
     <TD ALIGN="CENTER">-</TD>
     <TD ALIGN="CENTER">-</TD>
     <TD ALIGN="CENTER">348,334/339,999</TD>
     <TD ALIGN="CENTER">$1,133,000/$1,128,000</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Steven  M. Goldschein</TD>
     <TD ALIGN="CENTER">-</TD>
     <TD ALIGN="CENTER">-</TD>
     <TD ALIGN="CENTER">141,667/13,333</TD>
     <TD ALIGN="CENTER">$400,000/$60,000</TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>Equity Compensation Plans</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth information as of December 31, 2005 regarding the
Company&#146;s existing compensation plans and individual compensation arrangements
pursuant to which its equity securities are authorized for issuance to employees and
non-employees (such as Directors, consultants, advisors, vendors, customers, suppliers or
lenders) in exchange for consideration in the form of goods or services. </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH>Plan category<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">(a)<BR>
<BR>
<BR>
Number of securities to be<BR>
issued upon exercise of<BR>
outstanding options,<BR>
warrants and rights<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">(b)<BR>
<BR>
<BR>
Weighted-average exercise<BR>
price of outstanding<BR>
options, warrants and<BR>
rights<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">(c)<BR>
Number of securities<BR>
remaining for future<BR>
issuance under equity<BR>
compensation plans<BR>
(excluding securities<BR>
reflected in column (a))<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH ALIGN="CENTER"></TH>
     <TH ALIGN="CENTER"></TH>
     <TH ALIGN="CENTER"></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="25%">Equity compensation plans</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;approved by security</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;holders</TD>
     <TD ALIGN="CENTER">3,657,419</TD>
     <TD ALIGN="CENTER">$2.80</TD>
     <TD ALIGN="CENTER">3,785,322</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Equity compensation plans not</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;approved by  security</TD></TR>
<TR VALIGN=Top>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;holders</TD>
     <TD ALIGN="CENTER">-<HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN="CENTER">-</TD>
     <TD ALIGN="CENTER">-<HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN="LEFT">Total</TD>
     <TD ALIGN="CENTER">3,657,419<HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="CENTER">$2.80</TD>
     <TD ALIGN="CENTER">3,785,322<HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>Compensation of Directors</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s policy is not to pay compensation to Directors who are also employees of
the Company. Each non-employee Director is currently paid a fee of $25,000 per year and
$2,000 for each meeting of the Board of Directors and each committee meeting in which the
Director participates. In addition, the Chairman of the Audit Committee of the Board of
Directors receives an additional $5,000 per year. The non-employee Directors of the
Company also are each entitled to receive, annually, an option to purchase 2,000 shares of
Common Stock pursuant to the Company&#146;s 1995 Stock Option Plan for Non-Employee
Directors. The options to purchase 2,000 shares of Common Stock pursuant to this plan for
2005 were received by each of the non-employee Directors in early 2006 as a result of the
postponement of the Annual Meeting of Shareholders until the end of December 2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company plans to increase the compensation paid to non-employee directors effective on the
date following the 2006 Annual Stockholders&#146; Meeting. Each non-employee director will
then receive annual compensation as follows: $50,000 per year as base compensation, $5,000
per year per Board committee membership, $10,000 per year additional compensation paid to
each committee chair, and an annual Company stock grant equal to $25,000. The shares will
be restricted from sale for two years. In addition the Company plans to make each
non-employee director a one-time stock option grant of 5,000 shares of Company stock. The
restricted stock and stock option grants will be subject to stockholder approval of the
Company&#146;s 2006 Stock Plan for Non-Employee Directors at the 2006 Annual
Stockholders&#146; Meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>Compensation Committee Interlocks and Insider Participation</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
members of the Company&#146;s Compensation Committee for fiscal 2005 were Robert Leeds,
Robert D. Rosenthal and Stacy S. Dick. Other than Robert Leeds, no member of the
Compensation Committee is employed by the Company. No Director of the Company served
during the last completed fiscal year as an executive officer of any entity whose
compensation committee (or other comparable committee, or the Board, as appropriate)
included an executive officer of the Company. There are no &#147;interlocks&#148; as
defined by the Securities and Exchange Commission. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3><B>Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table provides certain information regarding the beneficial ownership
<SUP>(1)</SUP> of the Company&#146;s Common Stock as of July 31, 2006 by
(i)&nbsp;each of the Company&#146;s Directors and officers listed in the summary
compensation table, (ii)&nbsp;all current Directors and executive officers as a
group and (iii)&nbsp;each person known to the Company to be the beneficial owner
of 5% or more of any class of the Company&#146;s voting securities. </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT><I>Directors and Executive Officers</I><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="RIGHT"><I>Amount and Nature of<BR>
Beneficial Ownership (a)</I><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER"><I>Percent of Class</I><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="50%">Richard Leeds <SUP>(2) (11)</SUP></TD>
     <TD ALIGN="RIGHT" WIDTH="25%">10,234,087</TD>
     <TD ALIGN="CENTER" WIDTH="25%">29.4%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Bruce Leeds <SUP>(3) (11)</SUP></TD>
     <TD ALIGN="RIGHT">15,050,947</TD>
     <TD ALIGN="CENTER">43.2%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Robert Leeds <SUP>(4) (11)</SUP></TD>
     <TD ALIGN="RIGHT">15,050,947</TD>
     <TD ALIGN="CENTER">43.2%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Gilbert Fiorentino <SUP>(5)</SUP></TD>
     <TD ALIGN="RIGHT">481,668</TD>
     <TD ALIGN="CENTER">1.4%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Stacy S. Dick <SUP>(6)</SUP></TD>
     <TD ALIGN="RIGHT">15,000</TD>
     <TD ALIGN="CENTER">*</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Robert D. Rosenthal <SUP>(7)</SUP></TD>
     <TD ALIGN="RIGHT">39,000</TD>
     <TD ALIGN="CENTER">*</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Ann R. Leven <SUP>(8)</SUP></TD>
     <TD ALIGN="RIGHT">9,000</TD>
     <TD ALIGN="CENTER">*</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Steven M. Goldschein <SUP>(9)</SUP></TD>
     <TD ALIGN="RIGHT">156,000</TD>
     <TD ALIGN="CENTER">*</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">All current  Directors and executive  officers of the</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;Company (10 persons)</TD>
     <TD ALIGN="RIGHT">25,331,794</TD>
     <TD ALIGN="CENTER">71.3%</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><B><I><U>Other Beneficial Owners of 5% or More of the</U></I></B></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><B><I><U>Company's Voting Stock</U></I></B></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Dimensional Fund Advisors Inc. <SUP>(10)</SUP></TD>
     <TD ALIGN="RIGHT">1,946,618</TD>
     <TD ALIGN="CENTER">5.6%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">1299 Ocean Ave. 11th Floor</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Santa Monica, CA 90401</TD></TR>
</TABLE>

<P><FONT SIZE=3>* less than 1%</FONT></P>

<P><FONT SIZE=3>(a) Amounts listed below may include shares held in trusts or partnerships which
are counted in more than one individual&#146;s total.</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(1)</TD>
<TD WIDTH=95%>
As used in this table &#147;beneficial ownership&#148; means the sole or shared
power to vote or direct the voting or to dispose or direct the disposition of
any security. A person is deemed as of any date to have &#147;beneficial
ownership&#148; of any security that such person has a right to acquire within
60 days after such date. Any security that any person named above has the right
to acquire within 60 days is deemed to be outstanding for purposes of
calculating the ownership percentage of such person, but is not deemed to be
outstanding for purposes of calculating the ownership percentage of any other
person. Unless otherwise stated, each person owns the reported shares directly
and has the sole right to vote and determine whether to dispose of such shares.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(2)</TD>
<TD WIDTH=95%>
Includes 6,923,590 shares owned directly by Mr. Leeds. Also includes 1,838,583
shares owned by a limited partnership of which Richard Leeds is the general
partner, 977,114 shares owned by irrevocable trusts for the benefit of his
brothers&#146; children for which Richard Leeds acts as co-trustee and 494,800
shares owned by a limited partnership in which Richard Leeds has an indirect
pecuniary interest.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(3)</TD>
<TD WIDTH=95%>
Includes 269,149 shares owned directly by Mr. Leeds and 6,654,941 shares owned
by the Bruce Leeds 2005 Irrevocable Trust. Also includes 6,654,943 shares owned
by an irrevocable trust for the benefit of Robert Leeds for which Bruce Leeds
acts as trustee, 977,114 shares owned by irrevocable trusts for the benefit of
his brothers&#146; children for which Bruce Leeds acts as co-trustee and 494,800
shares owned by a limited partnership in which Bruce Leeds has an indirect
pecuniary interest.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(4)</TD>
<TD WIDTH=95%>
Includes 269,149 shares owned directly by Mr. Leeds and 6,654,943 shares owned
by the Robert Leeds 2005 Irrevocable Trust. Also includes 6,654,941 shares owned
by an irrevocable trust for the benefit of Bruce Leeds for which Robert Leeds
acts as trustee, 977,114 shares owned by irrevocable trusts for the benefit of
his brothers&#146; children for which Robert Leeds acts as co-trustee and
494,800 shares owned by a limited partnership in which Robert Leeds has an
indirect pecuniary interest.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(5)</TD>
<TD WIDTH=95%>
Includes options to acquire 381,668 shares that are currently exercisable
pursuant to the terms of the Company&#146;s 1995 and 1999 Long-Term Stock
Incentive Plan. Does not include 200,000 restricted stock units that vested on
May 31, 2005 awarded pursuant to an agreement with the Company that Mr.
Fiorentino elected to defer receipt of as allowed for under the agreement.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(6)</TD>
<TD WIDTH=95%>
Includes options to acquire a total of 14,500 shares that are exercisable
immediately pursuant to the terms of the Company&#146;s 1995 Stock Plan for
Non-Employee Directors
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(7)</TD>
<TD WIDTH=95%>
Includes options to acquire a total of 25,000 shares that are exercisable
immediately pursuant to the terms of the Company&#146;s 1995 Stock Plan for
Non-Employee Directors.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(8)</TD>
<TD WIDTH=95%>
Includes options to acquire a total of 8,000 shares that are exercisable
immediately pursuant to the terms of the Company&#146;s 1995 Stock Plan for
Non-Employee Directors.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(9)</TD>
<TD WIDTH=95%>
Includes options to acquire 40,000 shares that are currently exercisable
pursuant to the terms of the Company&#146;s 1995 and 1999 Long-Term Stock
Incentive Plan.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(10)</TD>
<TD WIDTH=95%>
As disclosed by Dimensional Fund Advisors Inc. in an SEC Schedule 13G filing
dated December 31, 2005.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>(11)</TD>
<TD WIDTH=95%>
Address for each of these individuals is c/o Systemax Inc., 11 Harbor Park
Drive, Port Washington, NY 11050.
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Section 16(a) Beneficial Ownership Reporting Compliance</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 16(a) of the Securities Exchange Act of 1934 requires the Company&#146;s
officers and Directors and persons who own more than ten percent of a registered class of
the Company&#146;s equity securities to file reports of ownership and changes in ownership
with the Securities and Exchange Commission. Officers, Directors and ten-percent
stockholders are required by SEC regulation to furnish the Company with copies of all
Section 16(a) forms they file. Based solely on its review of the copies of Section 16(a)
forms received by it, or written representations from certain reporting persons, the
Company believes that all such filing requirements for the year ended December 31, 2005
were complied with. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 13. Certain
Relationships and Related Transactions. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>Leases </I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company currently leases its facility in Port Washington, NY from Addwin Realty
Associates, an entity owned by Richard Leeds, Bruce Leeds and Robert Leeds, Directors of
the Company and the Company&#146;s three senior executive officers and principal
stockholders. Rent expense under this lease totaled $612,000 for the year ended December
31, 2005. The Company believes that these payments were no higher than would be paid to an
unrelated lessor for comparable space. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>Stockholders Agreement</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
members of the Leeds family (including Richard Leeds, Bruce Leeds and Robert Leeds) and
Leeds&#146; family trusts entered into a Stockholders Agreement pursuant to which the
parties to such agreement agreed to vote in favor of the nominees of the Board of
Directors designated by the holders of a majority of shares of Common Stock held by such
stockholders at the time of the Company&#146;s initial public offering of Common Stock. In
addition, such agreement prohibits the sale of the shares without the consent of the
holders of a majority of the shares held by all parties to such agreement, subject to
certain exceptions, including sales pursuant to an effective registration statement and
sales made in accordance with Rule 144. Such agreement also grants certain drag-along
rights in the event of the sale of all or a portion of the shares held by holders of a
majority of the shares. As of December 31, 2005, the parties to the Stockholders Agreement
beneficially owned 24,777,000 shares of Common Stock subject to such agreement
(constituting approximately 71% of the Common Stock outstanding). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;Pursuant
to the Stockholders Agreement, the Company granted to the then existing stockholders party
to such agreement demand and incidental, or &#147;piggy-back,&#148; registration rights
with respect to the shares. The demand registration rights generally provide that the
holders of a majority of the shares may require, subject to certain restrictions regarding
timing and number of shares, that the Company register under the Securities Act all or
part of the Shares held by such stockholders. Pursuant to the incidental registration
rights, the Company is required to notify such stockholders of any proposed registration
of the shares under the Securities Act and if requested by any such stockholder to include
in such registration any number of shares of shares held by it subject to certain
restrictions. The Company has agreed to pay all expenses and indemnify any selling
stockholders against certain liabilities, including under the Securities Act, in
connection with registrations of shares pursuant to such agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>Related Business</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Richard Leeds and Robert Leeds are minority owners of a
wholesale business that sells certain products to mass merchant customers. These
products are, in some instances, similar to the type of products sold by the
Company. The Company believes that the sales volume of competitive products made
by this wholesale business was not significant. In 2005 the Company sold
approximately $27,000 in merchandise to this business. The Company believes
these sales were made on an arms-length basis and were not in competition with
the Company&#146;s business. </FONT></P>

<P><FONT SIZE=3><I>Related Insurance Broker</I></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
son of Bruce Leeds, the Company's Vice Chairman, is an employee in training at
an insurance brokerage firm that has represented the Company since January 2006.
The brokerage firm has earned approximately $300,000 in commissions from the
Company as of this date. The Company believes that its agreement with this
insurance brokerage firm was made on an arms-length basis.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>Corporate Ethics Policy</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has adopted a Corporate Ethics Policy (revised as of March 30, 2005) that applies
to all employees of the Company including the Company&#146;s Chief Executive Officer,
Chief Financial Officer and Controller, its principal accounting officer. The Corporate
Ethics Policy is designed to deter wrongdoing and to promote honest and ethical conduct,
compliance with applicable laws and regulations, full and accurate disclosure of
information requiring public disclosure and the prompt reporting of Policy violations. The
Company&#146;s Corporate Ethics Policy (as amended), annexed as an exhibit to the
Company&#146;s report on Form 8-K date March 30, 2005, is available on the Company&#146;s
website (www.systemax.com) and can obtained by writing to Systemax Inc., Attention: Board
of Directors (Corporate Governance), 11 Harbor Park Drive, Port Washington, NY 11050. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 14. Principal
Accounting Fees and Services. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst
&amp; Young LLP replaced Deloitte &amp; Touche LLP as our independent registered public
accountants in December 2005. The following are the fees billed by Ernst &amp; Young LLP
and Deloitte &amp; Touche LLP for services rendered during the fiscal years ended December
31, 2004 and 2005: </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>Audit and Audit-related Fees</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst
&amp; Young billed the Company $2,585,000 for professional services rendered for the audit
of the Company&#146;s annual financial statements for the fiscal year ended December 31,
2005 and its reviews of the financial statements included in the Company&#146;s Forms 10-Q
for that fiscal year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deloitte
&amp; Touche billed the Company $1,868,000 for professional services rendered for the
audit, including the restatement, of the Company&#146;s annual financial statements for
the fiscal year ended December 31, 2004 and its reviews of the financial statements
included in the Company&#146;s Forms 10-Q for that fiscal year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>Tax Fees </I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
fees included services for international tax compliance, planning and advice. Deloitte
&amp; Touche LLP billed the Company for professional services rendered for tax compliance,
planning and advice for the fiscal year ended December 31, 2005 an aggregate of $116,000.
The aggregate fees billed by Deloitte &amp; Touche for such services for the prior fiscal
year were $79,000. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3><I>All Other Fees</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
fees of $5,000 were billed by Ernst &amp; Young for the year ended December 31, 2005. No
other fees were billed by the Company&#146;s independent registered public accountants for
the year ended December 31, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee is responsible for approving every engagement of Ernst &amp; Young to
perform audit or non-audit services on behalf of the Company or any of its subsidiaries
before Ernst &amp; Young is engaged to provide those services. The Audit Committee of the
Board of Directors has reviewed the services provided to the Company by Ernst &amp; Young
LLP and believes that the non-audit/review services it has provided are compatible with
maintaining the auditor&#146;s independence. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder
ratification of the selection of Ernst &amp; Young LLP as the Company&#146;s independent
public accountants is not required by the Company&#146;s By-Laws or other applicable legal
requirement. However, the Board is submitting the selection of Ernst &amp; Young LLP to
the stockholders for ratification as a matter of good corporate practice. If the
stockholders fail to ratify the selection, the Audit Committee will reconsider whether or
not to retain that firm. Even if the selection is ratified, the Audit Committee at its
discretion may direct the appointment of a different independent accounting firm at any
time during the year if it determines that such a change would be in the best interests of
the Company and its stockholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>PART IV </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 15. Exhibits,
Financial Statements and Schedules. </FONT></H1>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>1.</TD>
<TD WIDTH=70%>The Consolidated Financial Statements of Systemax Inc:</TD>
<TD WIDTH=15%><U>Reference</U></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=BOTTOM>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=70%>
Report of Ernst &amp; Young, LLP, Independent<BR>
&nbsp;&nbsp;&nbsp;Registered Public Accounting Firm
</TD>
<TD WIDTH=15%>46</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=BOTTOM>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=70%>
Report of Deloitte &amp; Touche, LLP, Independent
&nbsp;&nbsp;&nbsp;Registered Public Accounting Firm
</TD>
<TD WIDTH=15%>47</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=BOTTOM>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=70%>
Consolidated Balance Sheets as of December 31, 2005 and<BR>
&nbsp;&nbsp;&nbsp;December 31, 2004 (as previously restated)
</TD>
<TD WIDTH=15%>48</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=BOTTOM>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=70%>
Consolidated Statements of Operations for the years ended<BR>
&nbsp;&nbsp;&nbsp;December 31, 2005, 2004 (as previously restated)<BR>
&nbsp;&nbsp;&nbsp;and 2003 (as previously restated)
</TD>
<TD WIDTH=15%>49</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=BOTTOM>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=70%>
Consolidated Statements of Shareholders' Equity for the<BR>
&nbsp;&nbsp;&nbsp;Years ended December 31, 2005, 2004 (as previously<BR>
&nbsp;&nbsp;&nbsp;restated) and 2003 (as previously restated)
</TD>
<TD WIDTH=15%>50</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=BOTTOM>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=70%>
Consolidated Statements of Cash Flows for the years ended<BR>
&nbsp;&nbsp;&nbsp;December 31, 2005, 2004 (as previously restated)<BR>
&nbsp;&nbsp;&nbsp;and 2003 (as previously restated)
</TD>
<TD WIDTH=15%>51</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=BOTTOM>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=70%>
Notes to Consolidated Financial Statements
</TD>
<TD WIDTH=15%>52 - 64</TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=5%>2.</TD>
<TD WIDTH=85%>
Financial Statement Schedules:<BR>
<BR>
The following financial statement schedule is filed as part of this report and
should be read together with our consolidated financial statements:<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Schedule II - Valuation and Qualifying Accounts<BR>
<BR>
Schedules not included with this additional financial data have been omitted
because they are not applicable or the required information is shown in the
Consolidated Financial Statements or Notes thereto.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=5%>3.</TD>
<TD WIDTH=85%>
Exhibits:
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>
<B>Exhibit<BR>
<U>No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B>
</TD>
<TD WIDTH=75%>
<BR>
<B><U>Description</U></B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>3.1</TD>
<TD WIDTH=75%>
Composite Certificate of Incorporation of Registrant, as amended (incorporated
by reference to the Company&#146;s annual report on Form 10-K for the year ended
December 31, 2001)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>3.2</TD>
<TD WIDTH=75%>
By-laws of Registrant (incorporated by reference to the Company's registration
statement on Form S-1) (Registration No. 33-92052)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>4.1</TD>
<TD WIDTH=75%>
Stockholders Agreement (incorporated by reference to the Company's quarterly
report on Form 10-Q for the quarterly period ended September 30, 1995)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.1</TD>
<TD WIDTH=75%>
Form of 1995 Long-Term Stock Incentive Plan<SUP>*</SUP> (incorporated by
reference to the Company&#146;s registration statement on Form S-1)
(Registration No. 333-1852)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.2</TD>
<TD WIDTH=75%>
Form of 1999 Long-Term Stock Incentive Plan as amended<SUP>*</SUP> (incorporated
by reference to the Company&#146;s report on Form 8-K dated May 20, 2003)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.3</TD>
<TD WIDTH=75%>
Lease Agreement dated September 20, 1988 between the Company and Addwin Realty
Associates (Port Washington facility) (incorporated by reference to the
Company&#146;s registration statement on Form S-1) (Registration No. 33-92052)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.4</TD>
<TD WIDTH=75%>
Amendment to Lease Agreement dated September 29, 1998 between the Company and
Addwin Realty Associates (Port Washington facility) (incorporated by reference
to the Company&#146;s annual report on Form 10-K for the year ended December 31,
1998)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.5</TD>
<TD WIDTH=75%>
Lease Agreement dated as of July 17, 1997 between the Company and South Bay
Industrials Company (Compton facility) (incorporated by reference to the
Company&#146;s annual report on Form 10-K for the year ended December 31, 1997)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.6</TD>
<TD WIDTH=75%>
Build-to-Suit Lease Agreement dated April, 1995 among the Company, American
National Bank and Trust Company of Chicago (Trustee for the original landlord)
and Walsh, Higgins &amp; Company (Contractor) (&#147;Naperville Illinois
Facility Lease&#148;) (incorporated by reference to the Company&#146;s
registration statement on Form S-1) (Registration No. 33-92052)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.7</TD>
<TD WIDTH=75%>
Lease Agreement dated September 17, 1998 between Tiger Direct, Inc. and Keystone
Miami Property Holding Corp. (Miami facility) (incorporated by reference to the
Company's quarterly report on Form 10-Q for the quarterly period ended September
30, 1998)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.8</TD>
<TD WIDTH=75%>
Royalty Agreement dated June 30, 1986 between the Company and Richard Leeds,
Bruce Leeds and Robert Leeds, and Addendum thereto (incorporated by reference to
the Company&#146;s registration statement on Form S-1) (Registration No.
33-92052)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.9</TD>
<TD WIDTH=75%>
Form of 1995 Stock Plan for Non-Employee Directors<SUP>*</SUP> (incorporated by
reference to the Company&#146;s registration statement on Form S-1)
(Registration No. 333-1852)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.10</TD>
<TD WIDTH=75%>
Consulting Agreement dated as of January 1, 1996 between the Company and Gilbert
Rothenberg<SUP>*</SUP> (incorporated by reference to the Company&#146;s
registration statement on Form S-1) (Registration No. 333-1852)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.11</TD>
<TD WIDTH=75%>
Separation Agreement and General Release between the Company and Robert Dooley,
dated March 5, 2004<SUP>*</SUP> (incorporated by reference to the Company&#146;s
annual report on Form 10-K for the year ended December 31, 2004)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.12</TD>
<TD WIDTH=75%>
Employment Agreement dated as of December 12, 1997 between the Company and
Steven M. Goldschein<SUP>*</SUP> (incorporated by reference to the
Company&#146;s annual report on Form 10-K for the year ended December 31, 1997)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.13</TD>
<TD WIDTH=75%>
Promissory Note of Systemax Suwanee LLC, dated as of April 18, 2002 payable to
the order of New York Life Insurance Company in the original principal sum of
$8,400,000 (incorporated by reference to the Company&#146;s quarterly report on
Form 10-Q for the quarterly period ended March 31, 2002)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.14</TD>
<TD WIDTH=75%>
Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement,
dated as of April 18, 2002 from Systemax Suwanee LLC to New York Life Insurance
Company (incorporated by reference to the Company&#146;s quarterly report on
Form 10-Q for the quarterly period ended March 31, 2002)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.15</TD>
<TD WIDTH=75%>
Employment Agreement entered into on October 12, 2004 but effective as of June
1, 2004 between the Company and Gilbert Fiorentino<SUP>*</SUP> (incorporated by
reference to the Company&#146;s report on Form 8-K dated October 12, 2004)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.16</TD>
<TD WIDTH=75%>
Restricted Stock Unit Agreement entered into on October 12, 2004 but effective
as of June 1, 2004 between the Company and Gilbert Fiorentino<SUP>*</SUP>
(incorporated by reference to the Company&#146;s report on Form 8-K dated
October 12, 2004)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.17</TD>
<TD WIDTH=75%>
Amended and Restated Credit Agreement, dated as of October 27, 2005, between JP
Morgan Chase Bank, N.A. and affiliates, General Electric Capital Corporation,
and GMAC Commercial Finance LLC (as Lenders) with the Company and certain
subsidiaries of the Company (as Borrowers) (the &#147;Amended and Restated JP
Morgan Chase Loan Agreement&#148;) (incorporated by reference to the
Company&#146;s report on Form 8-K dated October 27, 2005)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.18</TD>
<TD WIDTH=75%>
Amendment No. 1, dated as of December 19, 2005, to the Amended and Restated JP
Morgan Chase Loan Agreement
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.19</TD>
<TD WIDTH=75%>
Lease agreement, dated December 8, 2005, between the Company and Hamilton
Business Center, LLC (Buford, Georgia facility)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.20</TD>
<TD WIDTH=75%>
First Amendment, dated as of June 12, 2006, to the Lease Agreement between the
Company and Hamilton Business Center, LLC (Buford, Georgia facility)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.21</TD>
<TD WIDTH=75%>
First Amendment, dated as of February 1, 2006, to the Naperville Illinois
Facility Lease between the Company and Ambassador Drive LLC (current landlord)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>10.22</TD>
<TD WIDTH=75%>
Agreement of Purchase and Sale, dated December 9, 2005, between the Company (as
Seller) and Hewlett Packard Company (as Buyer) (Suwanee, Georgia facility)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>14</TD>
<TD WIDTH=75%>
Corporate Ethics Policy for Officers, Directors and Employees (revised as of
March 30, 2005) (incorporated by reference to the Company&#146;s report on Form
8-K dated March 30, 2005)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>21</TD>
<TD WIDTH=75%>
Subsidiaries of the Registrant
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>23.1</TD>
<TD WIDTH=75%>
Consent of experts and counsel: Consent of Deloitte &amp; Touche LLP
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>23.2</TD>
<TD WIDTH=75%>
Consent of experts and counsel: Consent of Ernst &amp; Young LLP
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>31.1</TD>
<TD WIDTH=75%>
Certification of the Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>31.2</TD>
<TD WIDTH=75%>
Certification of the Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>32.1</TD>
<TD WIDTH=75%>
Certification of the Chief Executive Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>32.2</TD>
<TD WIDTH=75%>
Certification of the Chief Financial Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>99.1</TD>
<TD WIDTH=75%>
Charter of the Audit Committee of the Company&#146;s Board of Directors, as
revised February 28, 2003 (incorporated by reference to the Company&#146;s
annual report on Form 10-K for the year ended December 31, 2002)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>99.2</TD>
<TD WIDTH=75%>
Charter of the Compensation Committee of the Company&#146;s Board of Directors,
as approved February 28, 2003 (incorporated by reference to the Company&#146;s
annual report on Form 10-K for the year ended December 31, 2002)
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=10%>99.3</TD>
<TD WIDTH=75%>
Charter of the Nominating/Corporate Governance Committee of the Company&#146;s
Board of Directors, as approved February 28, 2003 (incorporated by reference to
the Company&#146;s annual report on Form 10-K for the year ended December 31,
2002)
</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>*&nbsp;&nbsp;&nbsp;Management contract or compensatory plan or arrangement</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B>SIGNATURES </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of Section 13 or 15(d) 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>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%>&nbsp;</TD>
<TD WIDTH=50%>
SYSTEMAX INC.<BR>
<BR>
<U>By: /s/ RICHARD LEEDS</U><BR>
<BR>
Richard Leeds<BR>
Chairman and Chief Executive Officer<BR>
<BR>
Date: August 29, 2006
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, this Report has been signed
below by the following persons on behalf of the Registrant and in the capacities and on
the dates indicated. </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH><U>Signature</U></TH>
     <TH ALIGN="CENTER"><U>Title</U></TH>
     <TH ALIGN="LEFT"><U>Date</U></TH></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="30%"><U>/s/ RICHARD LEEDS</U></TD>
     <TD ALIGN="CENTER" WIDTH="50%">Chairman and Chief Executive Officer</TD>
     <TD ALIGN="LEFT" WIDTH="20%">August 29, 2006</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard Leeds</TD>
     <TD ALIGN="CENTER">(Principal Executive Officer)</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><U>/s/ BRUCE LEEDS</U></TD>
     <TD ALIGN="CENTER">Vice Chairman</TD>
     <TD ALIGN="LEFT">August 29, 2006</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruce Leeds</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><U>/s/ ROBERT LEEDS</U></TD>
     <TD ALIGN="CENTER">Vice Chairman</TD>
     <TD ALIGN="LEFT">August 29, 2006</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Leeds</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><U>/s/ STEVEN GOLDSCHEIN</U></TD>
     <TD ALIGN="CENTER">Senior Vice President and Chief Financial Officer</TD>
     <TD ALIGN="LEFT">August 29, 2006</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Goldschein</TD>
     <TD ALIGN="CENTER">(Principal Financial Officer)</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><U>/s/ MICHAEL J. SPEILLER</U></TD>
     <TD ALIGN="CENTER">Vice President and Controller</TD>
     <TD ALIGN="LEFT">August 29, 2006</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael J. Speiller</TD>
     <TD ALIGN="CENTER">(Principal Accounting Officer)</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><U>/s/ GILBERT FIORENTINO</U></TD>
     <TD ALIGN="CENTER">Director</TD>
     <TD ALIGN="LEFT">August 29, 2006</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert Fiorentino</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><U>/s/ ROBERT D. ROSENTHAL</U></TD>
     <TD ALIGN="CENTER">Director</TD>
     <TD ALIGN="LEFT">August 29, 2006</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert D. Rosenthal</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><U>/s/ STACY DICK</U></TD>
     <TD ALIGN="CENTER">Director</TD>
     <TD ALIGN="LEFT">August 29, 2006</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stacy Dick</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><U>/s/ ANN R. LEVEN</U></TD>
     <TD ALIGN="CENTER">Director</TD>
     <TD ALIGN="LEFT">August 29, 2006</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ann R. Leven</TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>REPORT OF ERNST &amp; YOUNG LLP, INDEPENDENT REGISTERED PUBLIC<BR>
ACCOUNTING FIRM </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Shareholders and Board of Directors of Systemax Inc.: </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>We have audited the accompanying consolidated balance sheet of Systemax
Inc. as of December 31, 2005, and the related consolidated statements of operations, cash
flows, and shareholders&#146; equity for the year then ended. Our audit also included the
2005 financial statement schedule listed in the accompanying index in Item 15. These
financial statements and schedule are the responsibility of the Company&#146;s management.
Our responsibility is to express an opinion on these financial statements and schedule
based on our audit. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. We were not engaged to perform an audit of
the Company&#146;s internal control over financial reporting. Our audit included
consideration of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company&#146;s internal control over
financial reporting. Accordingly, we express no such opinion. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush"  -->
<P><FONT SIZE=3>In our opinion, the financial statements referred to above present fairly,
in all material respects, the consolidated financial position of Systemax Inc. at December
31, 2005, and the consolidated results of its operations and its cash flows for the year
then ended, in conformity with U.S. generally accepted accounting principles. Also, in our
opinion, the related 2005 financial statement schedule, when considered in relation to the
basic financial statements taken as a whole, presents fairly in all material respects the
information set forth therein. </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=3>ERNST &amp; YOUNG LLP</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3>New York, New York<BR>
May 26, 2006</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>REPORT OF DELOITTE &amp; TOUCHE, LLP, INDEPENDENT REGISTERED PUBLIC<BR>
ACCOUNTING FIRM </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>To the Shareholders and Board of Directors of SYSTEMAX INC.: </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>We have audited the accompanying consolidated balance sheet of Systemax
Inc. and subsidiaries (the &#147;Company&#148;) as of December 31, 2004<B>, </B>and the
related consolidated statements of operations, shareholders&#146; equity, and cash flows
for each of the two years in the period ended December 31, 2004.&nbsp; Our audits also
included the financial statement schedule listed in the Index at Item 15 for each of the
two years in the period ended December 31, 2004.&nbsp; These financial statements and
financial statement schedule are the responsibility of the Company&#146;s
management.&nbsp; Our responsibility is to express an opinion on the financial statements
and financial statement schedule based on our audits. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States).&nbsp; Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.&nbsp; The Company is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting.
Our audits included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Company&#146;s internal
control over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement
presentation.&nbsp; We believe that our audits provide a reasonable basis for our opinion. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>In our opinion, such consolidated financial statements present fairly, in
all material respects, the financial position of Systemax Inc. and subsidiaries at
December 31, 2004, and the results of their operations and their cash flows for each of
the two years in the period ended December 31, 2004, in conformity with accounting
principles generally accepted in the United States of America.&nbsp; Also, in our opinion,
such financial statement schedule for each of the two years in the period ended December
31, 2004, when considered in relation to the basic consolidated financial statements taken
as a whole, presents fairly, in all material respects, the information set forth therein. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>As discussed in Note 2 to the consolidated financial statements, the
accompanying consolidated financial statements had been restated. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3>DELOITTE &amp; TOUCHE LLP<BR>
New York, New York<BR>
April 13, 2005 (November 17, 2005 as to the effects of the restatement discussed in Note 2) </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.<BR>
CONSOLIDATED BALANCE SHEETS<BR>
DECEMBER 31, 2005 AND 2004<BR>
(IN THOUSANDS, except for share data) </B></FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Top>
     <TD COLSPAN=3>&nbsp;</TD>
     <TD COLSPAN=3 ALIGN=CENTER><B>2005</B><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD COLSPAN=3 ALIGN=CENTER>2004<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE>
As previously<BR>
restated - see<BR>
Note 2
</TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=77% ALIGN=LEFT>ASSETS:</TD>
     <TD WIDTH=1% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=1% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=1% ALIGN=RIGHT>&nbsp;</TD><TD WIDTH=7% ALIGN=RIGHT></TD>
        <TD WIDTH=3% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=1% ALIGN=RIGHT>&nbsp;</TD><TD WIDTH=7% ALIGN=RIGHT></TD>
        <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;CURRENT ASSETS:</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN=RIGHT><B>70,925</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT>   36,257</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowances of $12,508 (2005) and $11,318 (2004)</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>143,001</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>137,706</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>189,502</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>192,774</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>18,477</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>22,096</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets, net</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>9,227</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>9,594</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>431,132</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>398,427</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;PROPERTY, PLANT AND EQUIPMENT, net</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>57,259</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>65,563</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;DEFERRED INCOME TAX ASSETS, net</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>14,100</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>18,645</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;OTHER ASSETS</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>2,053</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>561</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN=RIGHT>  <B>504,544</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT>  483,196</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>LIABILITIES AND SHAREHOLDERS' EQUITY:</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;CURRENT LIABILITIES:</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings, including current portions of long-term debt</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN=RIGHT>   <B>26,773</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT>   25,020</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>171,667</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>165,761</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>62,888</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>59,639</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>261,328</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>250,420</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;LONG-TERM DEBT</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>8,028</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>8,639</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;OTHER LIABILITIES</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>2,346</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>1,505</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;COMMITMENTS AND CONTINGENCIES</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;SHAREHOLDERS' EQUITY:</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Preferred stock, par value $.01 per share, authorized 25 million shares, issued none</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Common stock, par value $.01 per share, authorized 150 million shares, issued</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,231,990 shares; outstanding 34,761,174 (2005) and 34,432,799 (2004) shares</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>382</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>382</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Additional paid-in capital</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>177,574</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>180,640</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income, net of tax</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>893</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>3,920</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Retained earnings</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>98,927</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>87,486</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Common stock in treasury at cost - 3,470,816 (2005) and 3,799,191 (2004) shares</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>(40,772</B></TD>
        <TD ALIGN=LEFT><B>)</B></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(44,630</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Unearned restricted stock compensation</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>(4,162</B></TD>
        <TD ALIGN=LEFT><B>)</B></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(5,166</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>232,842</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>222,632</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN=RIGHT>  <B>504,544</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT>  483,196</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>See notes to consolidated financial statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.<BR>
CONSOLIDATED STATEMENTS OF OPERATIONS<BR>
FOR THE YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003<BR>
(IN THOUSANDS, except per common share amounts)</B> </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH></TH>
     <TH></TH>
     <TH></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=56% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=16% ALIGN=RIGHT><B>2005</B></TD>
     <TD WIDTH=16% ALIGN=RIGHT>2004*</TD>
     <TD WIDTH=12% ALIGN=RIGHT>2003*</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net sales</TD>
     <TD ALIGN=RIGHT><B>$2,115,518</B></TD>
     <TD ALIGN=RIGHT>$1,928,147</TD>
     <TD ALIGN=RIGHT>$1,655,736</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Cost of sales</TD>
     <TD ALIGN=RIGHT><B>1,808,231</B></TD>
     <TD ALIGN=RIGHT>1,641,681</TD>
     <TD ALIGN=RIGHT>1,390,840</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Gross profit</TD>
     <TD ALIGN=RIGHT><B>307,287</B></TD>
     <TD ALIGN=RIGHT>286,466</TD>
     <TD ALIGN=RIGHT>264,896</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Selling, general and administrative expenses</TD>
     <TD ALIGN=RIGHT><B>268,327</B></TD>
     <TD ALIGN=RIGHT>260,111</TD>
     <TD ALIGN=RIGHT>251,460</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Restructuring and other charges</TD>
     <TD ALIGN=RIGHT><B>4,151</B></TD>
     <TD ALIGN=RIGHT>7,356</TD>
     <TD ALIGN=RIGHT>1,726</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Goodwill impairment</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>2,560</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Income from operations</TD>
     <TD ALIGN=RIGHT><B>34,809</B></TD>
     <TD ALIGN=RIGHT>18,999</TD>
     <TD ALIGN=RIGHT>9,150</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Interest and other income, net</TD>
     <TD ALIGN=RIGHT><B>(735)</B></TD>
     <TD ALIGN=RIGHT>(630)</TD>
     <TD ALIGN=RIGHT>(755)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Interest expense</TD>
     <TD ALIGN=RIGHT><B>2,670</B></TD>
     <TD ALIGN=RIGHT>3,073</TD>
     <TD ALIGN=RIGHT>2,344</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Income before income taxes</TD>
     <TD ALIGN=RIGHT><B>32,874</B></TD>
     <TD ALIGN=RIGHT>16,556</TD>
     <TD ALIGN=RIGHT>7,561</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Provision for income taxes</TD>
     <TD ALIGN=RIGHT><B>21,433</B></TD>
     <TD ALIGN=RIGHT>6,368</TD>
     <TD ALIGN=RIGHT>4,354</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income</TD>
     <TD ALIGN=RIGHT><B>$11,441</B></TD>
     <TD ALIGN=RIGHT>$10,188</TD>
     <TD ALIGN=RIGHT>$3,207</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income per common share, basic:</TD>
     <TD ALIGN=RIGHT><B>$.33</B></TD>
     <TD ALIGN=RIGHT>$.30</TD>
     <TD ALIGN=RIGHT>$.09</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income per common share, diluted:</TD>
     <TD ALIGN=RIGHT><B>$.31</B></TD>
     <TD ALIGN=RIGHT>$.29</TD>
     <TD ALIGN=RIGHT>$.09</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Weighted average common and common equivalent shares:</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Basic</TD>
     <TD ALIGN=RIGHT><B>34,646</B></TD>
     <TD ALIGN=RIGHT>34,373</TD>
     <TD ALIGN=RIGHT>34,164</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Diluted</TD>
     <TD ALIGN=RIGHT><B>36,488</B></TD>
     <TD ALIGN=RIGHT>35,489</TD>
     <TD ALIGN=RIGHT>34,880</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=95% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>* As previously restated &#150; see Note 2. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>See notes to consolidated financial statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.<BR>
CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY<BR>
FOR THE YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003<BR>
(IN THOUSANDS) </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Common<BR>
Number<BR>
of Shares<BR>
Out-<BR>
standing</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Stock<BR>
Amount</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Additional<BR>
Paid-in<BR>
Capital</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Retained<BR>
Earnings</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Accumulated<BR>
Other<BR>
Comprehensive<BR>
Income (Loss),<BR>
Net of Tax</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Treasury<BR>
Stock,<BR>
At Cost</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Unearned<BR>
Restricted Stock<BR>
Compensation</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Comprehensive<BR>
Income (Loss),<BR>
Net of Tax</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="28%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Balances, January 1, 2003*</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>34,104</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$382</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$176,743</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$74,091</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(2,130</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(48,489</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Change in cumulative</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;translation adjustment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,063</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$4,063</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Exercise of stock options</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>184</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1,740</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,159</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Tax benefit of employee</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;stock plans</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>340</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net income*</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,207</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,207</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total comprehensive income *</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$7,270</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN="RIGHT"></TD><TD></TD>
     <TD ALIGN=RIGHT></TD><TD></TD>
     <TD ALIGN=RIGHT></TD><TD></TD>
     <TD ALIGN=RIGHT></TD><TD></TD>
     <TD ALIGN="RIGHT"></TD><TD></TD>
     <TD ALIGN=RIGHT></TD><TD></TD>
     <TD ALIGN=RIGHT></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Balances, December 31,</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;2003*</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>34,288</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>382</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>175,343</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>77,298</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,933</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(46,330</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Change in cumulative</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;translation adjustment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,987</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$1,987</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Exercise of stock options</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>145</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(631</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,700</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Tax benefit of employee</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;stock plans</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>188</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Grant of restricted stock</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;units</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,740</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(5,740</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Amortization of unearned</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;restricted stock</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;compensation</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>574</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net income*</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10,188</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10,188</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total comprehensive income*</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$12,175</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN="RIGHT"></TD><TD></TD>
     <TD ALIGN=RIGHT></TD><TD></TD>
     <TD ALIGN=RIGHT></TD><TD></TD>
     <TD ALIGN=RIGHT></TD><TD></TD>
     <TD ALIGN="RIGHT"></TD><TD></TD>
     <TD ALIGN=RIGHT></TD><TD></TD>
     <TD ALIGN=RIGHT></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Balances, December 31,</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;2004*</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>34,433</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>382</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>180,640</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>87,486</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,920</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(44,630</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(5,166</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Change in cumulative</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;translation adjustment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>(3,027</B></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>)</B></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>$(3,027</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>)</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Exercise of stock options</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>328</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>(3,078</B></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>)</B></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>3,858</B></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Tax benefit of employee</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;stock plans</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>12</B></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Amortization of unearned</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;restricted stock</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;compensation</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>1,004</B></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net income</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>11,441</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>11,441</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total comprehensive income</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>$8,414</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Balances, December 31, 2005</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>34,761</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>$382</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>$177,574</B></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>$98,927</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>$893</B></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>$(40,772</B></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>)</B></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>$(4,162</B></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>)</B></FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>* As previously restated &#150; see Note 2. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>See notes to consolidated financial statements. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.<BR>
CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
FOR THE YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003<BR>
(IN THOUSANDS) </B></FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=67% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=7% ALIGN=RIGHT><B><U>2005</U></B></TD>
        <TD WIDTH=4% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=7% ALIGN=RIGHT><U>2004*</U></TD>
        <TD WIDTH=4% ALIGN=LEFT></TD>
     <TD WIDTH=7% ALIGN=RIGHT><U>2003*</U></TD>
        <TD WIDTH=2% ALIGN=LEFT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Net income</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$11,441</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$10,188</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$3,207</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by (used in)</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;operating activities:</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization, net</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>9,994</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>11,314</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>13,938</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on dispositions and abandonment</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>1,279</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>1,444</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>595</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for deferred income taxes</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>6,228</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(2,377</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=RIGHT>(2,816</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for returns and doubtful accounts</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>7,620</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>5,079</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>3,906</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation expense related to equity compensation plans</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>1,004</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>1,374</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefit of employee stock plans</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>12</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>188</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>340</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>2,560</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities:</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>(24,088</B></TD>
        <TD ALIGN=LEFT><B>)</B></TD>
     <TD ALIGN=RIGHT>(1,982</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=RIGHT>8,226</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>(857</B></TD>
        <TD ALIGN=LEFT><B>)</B></TD>
     <TD ALIGN=RIGHT>(40,872</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=RIGHT>(31,996</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>1,389</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>5,300</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>7,972</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable/receivable</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>527</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>6,335</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(3,915</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other current liabilities</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>20,430</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>16,767</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(8,624</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>34,979</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>12,758</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(6,607</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Investments in property, plant and equipment</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>(5,896</B></TD>
        <TD ALIGN=LEFT><B>)</B></TD>
     <TD ALIGN=RIGHT>(8,583</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=RIGHT>(7,123</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Proceeds from disposals of property, plant and equipment</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>103</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>247</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>11</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Purchase of minority interest</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(2,560</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>(5,793</B></TD>
        <TD ALIGN=LEFT><B>)</B></TD>
     <TD ALIGN=RIGHT>(8,336</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=RIGHT>(9,672</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Proceeds (repayments) of borrowings from banks</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>13,889</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(5,254</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=RIGHT>(2,951</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Repayments of long-term debt and capital lease obligations</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>(9,978</B></TD>
        <TD ALIGN=LEFT><B>)</B></TD>
     <TD ALIGN=RIGHT>(1,768</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=RIGHT>(1,299</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;Issuance of common stock</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>780</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>269</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>419</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>4,691</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(6,753</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=RIGHT>(3,831</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>EFFECTS OF EXCHANGE RATES ON CASH</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>791</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(114</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=RIGHT>(4,183</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>34,668</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(2,445</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=RIGHT>(24,293</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>36,257</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>38,702</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>62,995</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>CASH AND CASH EQUIVALENTS - END OF YEAR</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$70,925</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$36,257</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$38,702</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Supplemental disclosures:</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$2,498</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$3,385</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$2,697</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$15,522</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$4,676</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$13,840</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Supplemental disclosures of non-cash investing and financing activities:</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of equipment through capital leases</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>--</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>--</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$1,576</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred stock-based compensation related to restricted unit stock</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;granted</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>--</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$5,740</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>--</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>* As previously restated &#150; see Note 2. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>See notes to consolidated financial statements</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR>
FOR THE YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003 </B></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>1.</B></TD>
<TD WIDTH=95%>
<B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<I><U>Principles of Consolidation</U></I> &#151; The accompanying consolidated
financial statements include the accounts of Systemax Inc. and its wholly-owned
subsidiaries (collectively, the &#147;Company&#148; or &#147;Systemax&#148;).
All significant intercompany accounts and transactions have been eliminated in
consolidation. The Company began consolidating a 50%-owned joint venture in the
first quarter of 2004 in accordance with Financial Accounting Standards Board
Interpretation 46 (Revised) (&#147;FIN 46R&#148;), &#147;Consolidation of
Variable Interest Entities.&#148; The Company previously used the equity method
of accounting for this investment. The results of operations of this investee
are not material to the consolidated results of operations of the Company.<BR>
<BR>
<I><U>Use of Estimates In Financial Statements</U></I> &#151; The preparation of
financial statements in conformity with accounting principles generally accepted
in the United States of America requires management to make estimates and
assumptions that affect the reported amount of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.<BR>
<BR>
<I><U>Fiscal Year</U></I> &#151; The Company&#146;s fiscal year ends on December
31. The Company&#146;s North American computer business follows a fiscal year
that ends on the last Saturday of the calendar year. Normally each fiscal year
consists of 52 weeks, but every five or six years, their fiscal year consists of
53 weeks, which was the case in 2005. The sales recorded in the additional week
of 2005 represented less than one percent of the year&#146;s sales. Fiscal years
2004 and 2003 consisted of 52 weeks for this business.<BR>
<BR>
<I><U>Foreign Currency Translation</U></I> &#151; The financial statements of
the Company&#146;s foreign entities are translated into U.S. dollars, the
reporting currency, using year-end exchange rates for balance sheet items and
average exchange rates for the statement of operations items. The translation
differences are recorded as a separate component of shareholders&#146; equity.<BR>
<BR>
<I><U>Cash and Cash Equivalents</U></I> &#151; The Company considers amounts
held in money market accounts and other short-term investments, including
overnight bank deposits, with an original maturity date of three months or less
to be cash equivalents.<BR>
<BR>
<I><U>Inventories</U></I> &#151; Inventories consist primarily of finished goods
and are stated at the lower of cost or market value. Cost is determined by using
the first-in, first-out method. Allowances are maintained for obsolete,
slow-moving and non-saleable inventory.<BR>
<BR>
<I><U>Property, Plant and Equipment</U></I> &#150; Property, plant and equipment
is stated at cost. Depreciation of furniture, fixtures and equipment, including
equipment under capital leases, is on the straight-line or accelerated method
over their estimated useful lives ranging from three to ten years. Depreciation
of buildings is on the straight-line method over estimated useful lives of 30 to
50 years. Leasehold improvements are amortized over the lesser of the useful
lives or the term of the respective leases.<BR>
<BR>
<I><U>Capitalized Software Costs</U></I> &#150; The Company capitalizes
purchased software ready for service and capitalizes software development costs
incurred on significant projects from the time that the preliminary project
stage is completed and management commits to funding a project until the project
is substantially complete and the software is ready for its intended use.
Capitalized costs include materials and service costs and payroll and
payroll-related costs. Capitalized software costs are amortized using the
straight-line method over the estimated useful life of the underlying system,
generally five years.<BR>
<BR>
<I><U>Goodwill</U></I> &#150;The cost in excess of fair value of net assets of
businesses acquired is recorded in the consolidated balance sheets as
&#147;Goodwill.&#148; In accordance with Statement of Financial Accounting
Standards (&#147;SFAS&#148;) No. 142, &#147;Goodwill and Other Intangible
Assets,&#148; goodwill is no longer amortized, but is to be tested for
impairment annually or when facts and circumstances indicate goodwill may be
impaired.<BR>
<BR>
<I><U>Evaluation of Long-lived Assets</U></I> &#150; Long-lived assets are
evaluated for recoverability in accordance with SFAS 144, &#147;Accounting for
the Impairment or Disposal of Long-lived Assets,&#148; whenever events or
changes in circumstances indicate that an asset may have been impaired. In
evaluating an asset for recoverability, the Company estimates the future cash
flows expected to result from the use of the asset and eventual disposition. If
the sum of the expected future cash flows (undiscounted and without interest
charges) is less than the carrying amount of the asset, an impairment loss,
equal to the excess of the carrying amount over the fair market value of the
asset is recognized.<BR>
<BR>
<I><U>Product Warranties</U></I> &#150; Provisions for estimated future expenses
relating to product warranties for the Company&#146;s assembled PCs are recorded
as cost of sales when revenue is recognized. Liability estimates are determined
based on management judgment considering such factors as the number of units
sold, historical and anticipated rates of warranty claims and the likely current
cost of corrective action.<BR>
<BR>
<I><U>Income Taxes</U></I> &#151; Deferred tax assets and liabilities are
recognized for the expected tax consequences of temporary differences between
financial reporting and tax bases of assets and liabilities and are measured
using enacted tax laws and rates. Valuation allowances are provided for deferred
tax assets to the extent it is more likely than not that deferred tax assets
will not be recoverable against future taxable income.<BR>
<BR>
<I><U>Revenue Recognition and Accounts Receivable</U></I> &#150; The Company
recognizes sales of products, including shipping revenue, when persuasive
evidence of an order arrangement exists, delivery has occurred, the sales price
is fixed or determinable and collectibility is reasonably assured. Generally,
these criteria are met at the time the product is received by the customers when
title and risk of loss have transferred. Allowances for estimated subsequent
customer returns, rebates and sales incentives are provided when revenues are
recorded. Costs incurred for the shipping and handling of its products are
recorded as cost of sales. Revenue from extended warranty and support contracts
on the Company&#146;s assembled PCs is deferred and recognized over the contract
period.<BR>
<BR>
Accounts receivable are shown in the consolidated balance sheets net of
allowances for doubtful collections and subsequent customer returns. The changes
in these allowance accounts are summarized as follows (in thousands):
</TD>
</TR>
</TABLE>
<BR>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TD COLSPAN=2>&nbsp;</TD>
     <TD COLSPAN=6 ALIGN=CENTER>Years ended December 31,</TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="46%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="12%" ALIGN="RIGHT"><B>2005</B></TD>
        <TD WIDTH="6%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="12%" ALIGN="RIGHT">2004</TD>
        <TD WIDTH="6%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="12%" ALIGN="RIGHT">2003</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Balance, beginning of year</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$11,318</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$10,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$11,275</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Charged to expense</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>7,316</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>5,079</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>3,906</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Deductions</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>(6,126</B></TD>
        <TD ALIGN=LEFT><B>)</B></TD>
     <TD ALIGN=RIGHT>(3,761</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=RIGHT>(5,181</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Balance, end of year</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$12,508</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$11,318</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$10,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<I><U>Advertising Costs</U></I> &#151; Advertising costs, consisting primarily
of catalog preparation, printing and postage expenditures, are amortized over
the period of catalog distribution during which the benefits are expected,
generally one to six months. Expenditures relating to television and local radio
advertising are expensed in the period the advertising takes place.<BR>
<BR>
Net advertising expenses of $39.4 million in 2005, $43.8 million in 2004 and
$43.7 million in 2003 are included in the accompanying Consolidated Statements
of Operations. The Company utilizes advertising programs to support vendors,
including catalogs, internet and magazine advertising, and receives payments and
credits from vendors, including consideration pursuant to volume incentive
programs and cooperative marketing programs. The Company follows the provisions
of Emerging Issues Task Force (&#147;EITF&#148;) Issue No. 02-16,
&#147;Accounting by a Customer (Including a Reseller) for Certain Consideration
Received from a Vendor.&#148; EITF 02-16 requires that consideration received
from vendors, such as advertising support funds, be accounted for as a reduction
of cost of sales unless certain conditions are met showing that the funds are
used for specific, incremental, identifiable costs, in which case the
consideration is accounted for as a reduction in the related expense category,
such as advertising expense. The amount of vendor consideration recorded as a
reduction of selling, general and administrative expenses totaled $39.1 million
for the year ended December 31, 2005, $34.1 million for the year ended December
31, 2004 and $38.1 million for the year ended December 31, 2003.<BR>
<BR>
Prepaid expenses at December 31, 2005 and 2004 include deferred advertising
costs of $5.0 million and $5.6 million, respectively, which are reflected as an
expense during the periods benefited, typically the subsequent fiscal quarter.<BR>
<BR>
<I><U>Research and Development Costs</U></I> &#151; Costs incurred in connection
with research and development are expensed as incurred. Such expenses were
approximately $488,000 for the year ended December 31, 2005, $411,000 for the
year ended December 31, 2004 and $800,000 for the year ended December 31, 2003.<BR>
<BR>
<I><U>Derivative Financial Instruments</U></I> &#150; In accordance with the
provisions of SFAS 133, &#147;Accounting for Derivative Instruments and Hedging
Activities,&#148; as amended, all of the Company&#146;s derivative financial
instruments are recognized as either assets or liabilities in the consolidated
balance sheets based on their fair values. Changes in the fair values are
reported in earnings or other comprehensive income depending on the use of the
derivative and whether it qualifies for hedge accounting. Derivative instruments
are designated and accounted for as either a hedge of a recognized asset or
liability (fair value hedge) or a hedge of a forecasted transaction (cash flow
hedge). For derivatives designated as effective cash flow hedges, changes in
fair values are recognized in other comprehensive income. Changes in fair values
related to fair value hedges as well as the ineffective portion of cash flow
hedges are recognized in earnings.<BR>
<BR>
The Company does not use derivative instruments for speculative or trading
purposes. Derivative instruments may be used to manage exposures related to
changes in foreign currency exchange rates and interest rate risk on variable
rate indebtedness.<BR>
<BR>
<I><U>Net Income Per Common Share</U></I> &#150; The Company calculates net
income per share in accordance with SFAS 128, &#147;Earnings Per Share.&#148;
Net income per common share-basic was calculated based upon the weighted average
number of common shares outstanding during the respective periods presented. Net
income per common share-diluted was calculated based upon the weighted average
number of common shares outstanding and included the equivalent shares for
dilutive securities outstanding during the respective periods except in loss
periods, where the effect is anti-dilutive. The dilutive effect of outstanding
options issued by the Company is reflected in net income per share &#151;
diluted using the treasury stock method. Under the treasury stock method,
options will only have a dilutive effect when the average market price of common
stock during the period exceeds the exercise price of the options. Equivalent
common shares of 842,000 in 2005, equivalent common shares of 1,116,000 in 2004
and equivalent common shares of 715,000 in 2003 were included for the diluted
calculation. The weighted average number of stock options outstanding excluded
from the computation of diluted earnings per share was 503,000 in 2005, 587,000
in 2004 and 697,000 in 2003 due to their antidilutive effect.<BR>
<BR>
<I><U>Comprehensive Income)</U></I> &#151; Comprehensive income consists of net
income and foreign currency translation adjustments and is included in the
Consolidated Statements of Shareholders&#146; Equity. Comprehensive income was
$8,414,000 in 2005, $12,175,000 in 2004 and $7,270,000 in 2003.<BR>
<BR>
<I><U>Stock-based Compensation</U></I> &#150; The Company has three stock-based
compensation plans, two of which are for employees, consultants and advisors and
the third of which is for non-employee directors, which are more fully described
in Note 9. The Company has elected to follow the accounting provisions of
Accounting Principles Board (&#147;APB&#148;) Opinion 25, &#147;Accounting for
Stock Issued to Employees&#148; for stock-based compensation and to provide the
pro forma disclosures required under SFAS 148, &#147;Accounting for Stock-based
Compensation &#150; Transition and Disclosure.&#148; No stock-based employee
compensation cost is reflected in net income (loss), as all options granted
under the plans have an exercise price equal to the market value of the
underlying stock on the date of grant. The following table illustrates the
effect on net income and earnings per share had compensation costs of the plans
been determined under a fair value alternative method as stated in SFAS 123,
&#147;Accounting for Stock-Based Compensation&#148; (in thousands, except per
share data):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH></TH>
     <TH ALIGN="RIGHT"></TH>
     <TH ALIGN="RIGHT"></TH>
     <TH ALIGN="RIGHT"></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="69%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="12%" ALIGN="RIGHT"><B>2005</B></TD>
     <TD WIDTH="10%" ALIGN="RIGHT">2004</TD>
     <TD WIDTH="9%" ALIGN="RIGHT">2003&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income - as reported</TD>
     <TD ALIGN="RIGHT"><B>$11,441</B></TD>
     <TD ALIGN="RIGHT">$10,188</TD>
     <TD ALIGN="RIGHT">$3,207&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Add: Stock-based employee compensation expense included in</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;reported net income, net of related tax effects</TD>
     <TD ALIGN="RIGHT"><B>647</B></TD>
     <TD ALIGN="RIGHT">886</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Deduct: Stock-based employee compensation expense</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;determined under fair value based method, net of</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;related tax effects</TD>
     <TD ALIGN="RIGHT"><B>915</B></TD>
     <TD ALIGN="RIGHT">1,295</TD>
     <TD ALIGN="RIGHT">544&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Pro forma net income</TD>
     <TD ALIGN="RIGHT"><B>$11,173</B></TD>
     <TD ALIGN="RIGHT">$9,779</TD>
     <TD ALIGN="RIGHT">$2,663&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Basic net income per common share:</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income - as reported</TD>
     <TD ALIGN="RIGHT"><B>$.33</B></TD>
     <TD ALIGN="RIGHT">$.30</TD>
     <TD ALIGN="RIGHT">$.09</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income - pro forma</TD>
     <TD ALIGN="RIGHT"><B>$.32</B></TD>
     <TD ALIGN="RIGHT">$.28</TD>
     <TD ALIGN="RIGHT">$.08</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Diluted net income per common share:</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income - as reported</TD>
     <TD ALIGN="RIGHT"><B>$.31</B></TD>
     <TD ALIGN="RIGHT">$.29</TD>
     <TD ALIGN="RIGHT">$.09</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Net income - pro forma</TD>
     <TD ALIGN="RIGHT"><B>$.31</B></TD>
     <TD ALIGN="RIGHT">$.28</TD>
     <TD ALIGN="RIGHT">$.08</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The fair value of options granted was estimated on the date of grant using the
Black-Scholes option-pricing model with the following assumptions:
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH></TH>
     <TH></TH>
     <TH></TH>
     <TH></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="48%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="19%" ALIGN="RIGHT"><B><U>2005</U></B></TD>
     <TD WIDTH="19%" ALIGN="RIGHT"><U>2004</U></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><U>2003</U></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Expected dividend yield</TD>
     <TD ALIGN=RIGHT><B>0%</B></TD>
     <TD ALIGN=RIGHT>0%</TD>
     <TD ALIGN=RIGHT>0%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Risk-free interest rate</TD>
     <TD ALIGN=RIGHT><B>4.5%</B></TD>
     <TD ALIGN=RIGHT>5.5%</TD>
     <TD ALIGN=RIGHT>5.9%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Expected volatility</TD>
     <TD ALIGN=RIGHT><B>79.0%</B></TD>
     <TD ALIGN=RIGHT>46.0%</TD>
     <TD ALIGN=RIGHT>76.0%</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Expected life in years</TD>
     <TD ALIGN=RIGHT><B>5.20</B></TD>
     <TD ALIGN=RIGHT>2.36</TD>
     <TD ALIGN=RIGHT>2.41</TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The weighted average remaining contractual life of the stock options outstanding
was 6.7 years at December 31, 2005, 7.4 years at December 31, 2004 and 7.7 years
at December 31, 2003.<BR>
<BR>
<I><U>Recent Accounting Pronouncements</U></I><BR>
<BR>
In November 2004, the Financial Accounting Standards Board (&#147;FASB&#148;)
issued Statement of Financial Accounting Standards (&#147;SFAS&#148;) 151,
&#147;Inventory Costs, an amendment of ARB No. 43, Chapter 4.&#148; SFAS 151
clarifies that abnormal inventory costs such as costs of idle facilities, excess
freight and handling costs, and wasted materials (spoilage) are required to be
recognized as current period charges. SFAS 151 also requires that the allocation
of fixed production overheads to the costs of conversion be based on the normal
capacity of the production facility. The provisions of SFAS 151 will be
effective for fiscal years beginning after June 15, 2005 and is required to be
adopted by the Company in the first quarter of fiscal 2006. The Company does not
expect that the adoption will have a material impact on the Company&#146;s
consolidated financial position or results of operations.<BR>
<BR>
In December 2004, the FASB issued SFAS 123 (revised 2004) (SFAS 123R),
&#147;Share-Based Payment.&#148; SFAS 123R replaced SFAS 123, &#147;Accounting
for Stock-Based Compensation,&#148; and superseded Accounting Principles Board
Opinion 25, &#147;Accounting for Stock Issued to Employees.&#148; SFAS 123R
requires the recognition of compensation cost relating to share-based payment
transactions, including employee stock options, in financial statements. That
cost will be measured based on the fair value of the equity or liability
instruments issued. SFAS 123R provides alternative methods of adoption which
include prospective application and a modified retroactive application. SFAS
123(R) also requires the benefits of tax deductions in excess of recognized
compensation expense to be reported as a financing cash flow, rather than as an
operating cash flow as prescribed under current accounting rules. The Company is
required to adopt the provisions of SFAS 123R effective as of the beginning of
its first quarter in 2006. The Company is evaluating the available alternatives
of adoption of SFAS 123R. The Company currently accounts for share-based
payments using APB Opinion 25&#145;s intrinsic value method and recognizes no
compensation expense for employee stock options as permitted under SFAS 123. See
&#147;Stock-based Compensation&#148; above for the effect on reported net income
if we had accounted for our stock-based compensation plans using the fair value
recognition provisions of SFAS 123. The actual effects of adopting SFAS 123R
will depend on numerous factors, including the amounts of share-based payments
granted in the future, the valuation model we use and estimated forfeiture
rates. The Company has not made any modifications to its stock-based
compensation plans as a result of the issuance of SFAS 123R. The Company
believes the adoption of SFAS 123R will not have a material effect on its
consolidated financial statements.<BR>
<BR>
In March 2005, the Securities and Exchange Commission released SEC Staff
Accounting Bulletin (&#147;SAB&#148;) 107, &#147;Share-Based Payment.&#148; SAB
107 provides the SEC staff&#146;s position regarding the application of SFAS
No.&nbsp;123R and certain SEC rules and regulations, and also provides the
staff&#146;s views regarding the valuation of share-based payments for public
companies. The Company will adopt SAB 107 in connection with its adoption of
SFAS 123R. The Company is currently reviewing the effects, if any, that the
application of SAB 107 will have on the Company&#146;s consolidated financial
position and results of operations.<BR>
<BR>
In May 2005, the FASB issued SFAS No. 154, &#147;Accounting Changes and Error
Corrections&#148; (&#147;SFAS 154&#148;), which replaces Accounting Principles
Board Opinion No. 20, &#147;Accounting Changes,&#148; and SFAS No. 3,
&#147;Reporting Accounting Changes in Interim Financial Statements-An Amendment
of APB Opinion No. 28.&#148; SFAS 154 changes the requirements for the
accounting for and reporting of a change in accounting principle. Previously,
most voluntary changes in accounting principles required recognition of a
cumulative effect adjustment within net income of the period of the change. SFAS
154 requires retrospective application to prior periods&#146; financial
statements, unless it is impracticable to determine either the period-specific
effects or the cumulative effect of the change. SFAS 154 also applies to changes
required by an accounting pronouncement in the rare case that the pronouncement
does not contain specific transition provisions. This statement also carries
forward the guidance from APB No.&nbsp;20 regarding the correction of an error
and changes in accounting estimates. SFAS 154 is effective for accounting
changes and corrections of errors made in fiscal years beginning after December
15, 2005. The Company does not believe the adoption of SFAS 154 will have a
material effect on its consolidated financial position, results of operations or
cash flows.<BR>
<BR>
In June 2005, the FASB issued FSP FAS 143-1, &#147;Accounting for Electronic
Equipment Waste Obligations&#148; (&#147;FSP FAS 143-1&#148;), to address the
accounting for obligations associated with a European Union&#146;s Directive on
Waste Electrical and Electronic Equipment (the &#147;Directive&#148;). The
Directive, enacted in 2003, requires EU-member countries to adopt legislation to
regulate the collection, treatment, recovery and environmentally sound disposal
of electrical and electronic waste equipment. The Directive distinguishes
between products put on the market after August 13, 2005 (&#147;new waste&#148;)
and products put on the market on or before that date (&#147;historical
waste&#148;). FSP FAS 143-1 addresses the accounting for historical waste only
and will be applied the later of the first reporting period ending after June 8,
2005 or the date of the adoption of the law by the applicable EU-member country.
The adoption of FSP FAS 143-1 did not have a material impact on the
Company&#146;s consolidated financial position or results of operations for the
EU-member countries which have adopted the law.<BR>
<BR>
In October 2005, the FASB issued FSP FAS 13-1, &#147;Accounting for Rental Costs
Incurred During a Construction Period&#148; (&#147;FSP FAS 13-1&#148;), which
requires the expensing of rental costs associated with ground or building
operating leases that are incurred during the construction period. FSP FAS 13-1
is effective in the first reporting period beginning after December 15, 2005.
The Company does not expect that this pronouncement will have a material effect
on its consolidated financial position or results of operations.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>2.</B></TD>
<TD WIDTH=95%>
<B>RESTATEMENT OF PREVIOUSLY FILED FINANCIAL STATEMENTS</B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
Subsequent to the issuance of the Company&#146;s consolidated financial
statements in its Form 10-K for the year ended December 31, 2004, the Company
discovered errors related to accounting for inventory at its Tiger Direct, Inc.
subsidiary. These errors had the effect of misstating the value of inventory and
certain vendor-related liabilities as of December 31, 2004 and overstating net
income for the year ended December 31, 2004. Such errors did not have any impact
on the consolidated financial statements for any previous years. For the year
ended December 31, 2004, an error was also corrected in the presentation of the
Consolidated Statement of Cash Flows related to activity in the allowances for
doubtful accounts and subsequent customer returns. The restatement affected cash
flows provided by operations but did not affect previously reported net cash
flows for the restated period or future periods.<BR>
<BR>
The Company restated its presentation of long-term debt to classify its entire
United Kingdom term loan payable as of December 31, 2004 as current, as it was
not in compliance with the financial covenants.<BR>
<BR>
The restated results also include changes resulting from a correction in the
application of the Company&#146;s revenue recognition policy. The Company
determined during its internal review of 2004 results that a change in its
revenue recognition policy for sales of product was required in order to comply
with Staff Accounting Bulletin No. 104 &#147;Revenue Recognition&#148; (SAB
104), as interpreted by the SEC Staff. Based on the Company&#146;s practices
with respect to its terms of shipment, revenue that had been recognized at time
of shipment based upon FOB shipping point terms should have been recognized at
time of receipt by customers, when title and risk of loss both transferred. The
effect of this change resulted in a restatement of the results of operations for
the years ended December 31, 2004 and 2003 and the balance sheet as of December
31, 2004.<BR>
<BR>
As a result, the accompanying financial statements for the years ended December
31, 2004 and 2003 have been restated from the amounts previously reported to
properly reflect these items. A summary of the significant effects of the
restatement is as follows (in thousands, except per share data):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="90%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH></TH>
     <TH ALIGN="RIGHT"></TH>
     <TH ALIGN="RIGHT"></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="LEFT">As of December 31, 2004:</TD>
     <TD WIDTH="15%" ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>As Previously</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reported</U></TD>
     <TD WIDTH="15%" ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>As Restated</U></TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Accounts receivable, net</TD>
     <TD ALIGN="RIGHT">$153,724&nbsp;</TD>
     <TD ALIGN="RIGHT">$137,706&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Inventories, net</TD>
     <TD ALIGN="RIGHT">176,227&nbsp;</TD>
     <TD ALIGN="RIGHT">192,774&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Prepaid expenses and other current assets</TD>
     <TD ALIGN="RIGHT">24,888&nbsp;</TD>
     <TD ALIGN="RIGHT">22,096&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Deferred income tax assets, net</TD>
     <TD ALIGN="RIGHT">8,812&nbsp;</TD>
     <TD ALIGN="RIGHT">9,594&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Total current assets</TD>
     <TD ALIGN="RIGHT">399,908&nbsp;</TD>
     <TD ALIGN="RIGHT">398,427&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Deferred income tax assets - noncurrent, net</TD>
     <TD ALIGN="RIGHT">18,268&nbsp;</TD>
     <TD ALIGN="RIGHT">18,645&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">TOTAL ASSETS</TD>
     <TD ALIGN="RIGHT">484,300&nbsp;</TD>
     <TD ALIGN="RIGHT">483,196&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Short-term  borrowings,  including  current  portions  of</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;long-term debt</TD>
     <TD ALIGN="RIGHT">(16,560)</TD>
     <TD ALIGN="RIGHT">(25,020)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Accounts payable</TD>
     <TD ALIGN="RIGHT">(161,864)</TD>
     <TD ALIGN="RIGHT">(165,761)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Accrued expense and other current liabilities</TD>
     <TD ALIGN="RIGHT">(60,756)</TD>
     <TD ALIGN="RIGHT">(59,639)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Total current liabilities</TD>
     <TD ALIGN="RIGHT">(239,180)</TD>
     <TD ALIGN="RIGHT">(250,420)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Long-term debt</TD>
     <TD ALIGN="RIGHT">(17,099)</TD>
     <TD ALIGN="RIGHT">(8,639)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Additional paid in capital</TD>
     <TD ALIGN="RIGHT">(180,530)</TD>
     <TD ALIGN="RIGHT">(180,640)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Accumulated other comprehensive income, net of tax</TD>
     <TD ALIGN="RIGHT">(4,093)</TD>
     <TD ALIGN="RIGHT">(3,920)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Retained earnings</TD>
     <TD ALIGN="RIGHT">(91,307)</TD>
     <TD ALIGN="RIGHT">(87,486)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Total shareholders' equity</TD>
     <TD ALIGN="RIGHT">(226,516)</TD>
     <TD ALIGN="RIGHT">(222,632)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</TD>
     <TD ALIGN="RIGHT">(484,300)</TD>
     <TD ALIGN="RIGHT">(483,196)</TD></TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="90%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH></TH>
     <TH></TH>
     <TH></TH>
     <TH></TH>
     <TH></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Years ended December 31,:</TD>
     <TD ALIGN="CENTER" COLSPAN="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></TD>
     <TD ALIGN="CENTER" COLSPAN="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="50%">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="50%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="13%" ALIGN="CENTER"><U>As previously<BR>
reported</U></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><U>As restated</U></TD>
     <TD WIDTH="13%" ALIGN="CENTER"><U>As previously<BR>
reported</U></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><U>As restated</U></TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Net sales</TD>
     <TD ALIGN="RIGHT">$1,927,835&nbsp;</TD>
     <TD ALIGN="RIGHT">$1,928,147&nbsp;</TD>
     <TD ALIGN="RIGHT">$1,657,778&nbsp;</TD>
     <TD ALIGN="RIGHT">$1,655,736&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Cost of sales</TD>
     <TD ALIGN="RIGHT">1,637,452&nbsp;</TD>
     <TD ALIGN="RIGHT">1,641,681&nbsp;</TD>
     <TD ALIGN="RIGHT">1,392,745&nbsp;</TD>
     <TD ALIGN="RIGHT">1,390,840&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Gross profit</TD>
     <TD ALIGN="RIGHT">290,383&nbsp;</TD>
     <TD ALIGN="RIGHT">286,466&nbsp;</TD>
     <TD ALIGN="RIGHT">265,033&nbsp;</TD>
     <TD ALIGN="RIGHT">264,896&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Income from operations</TD>
     <TD ALIGN="RIGHT">22,916&nbsp;</TD>
     <TD ALIGN="RIGHT">18,999&nbsp;</TD>
     <TD ALIGN="RIGHT">9,287&nbsp;</TD>
     <TD ALIGN="RIGHT">9,150&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Income before income taxes</TD>
     <TD ALIGN="RIGHT">20,473&nbsp;</TD>
     <TD ALIGN="RIGHT">16,556&nbsp;</TD>
     <TD ALIGN="RIGHT">7,698&nbsp;</TD>
     <TD ALIGN="RIGHT">7,561&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Provision for income taxes</TD>
     <TD ALIGN="RIGHT">7,923&nbsp;</TD>
     <TD ALIGN="RIGHT">6,368&nbsp;</TD>
     <TD ALIGN="RIGHT">4,352&nbsp;</TD>
     <TD ALIGN="RIGHT">4,354&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Net income</TD>
     <TD ALIGN="RIGHT">12,550&nbsp;</TD>
     <TD ALIGN="RIGHT">10,188&nbsp;</TD>
     <TD ALIGN="RIGHT">3,346&nbsp;</TD>
     <TD ALIGN="RIGHT">3,207&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Net income per common share, basic:</TD>
     <TD ALIGN="RIGHT">$.37&nbsp;</TD>
     <TD ALIGN="RIGHT">$.30&nbsp;</TD>
     <TD ALIGN="RIGHT">$.10&nbsp;</TD>
     <TD ALIGN="RIGHT">$.09&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Net income per common share, diluted:</TD>
     <TD ALIGN="RIGHT">$.35&nbsp;</TD>
     <TD ALIGN="RIGHT">$.29&nbsp;</TD>
     <TD ALIGN="RIGHT">$.10&nbsp;</TD>
     <TD ALIGN="RIGHT">$.09&nbsp;</TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The Company also previously restated its segment disclosures for the years ended
December 31, 2004 and 2003 &#150; see Note 12.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>3.</B></TD>
<TD WIDTH=95%>
<B>PROPERTY, PLANT AND EQUIPMENT</B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
Property, plant and equipment, net consists of the following (in thousands):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="10%" ALIGN="RIGHT"><B>2005</B></TD>
        <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="10%" ALIGN="RIGHT">2004</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Land and buildings</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN="RIGHT"> <B>42,585</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT"> 48,580</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Furniture and  fixtures,  office,  computer and other  equipment and</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>71,719</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">71,653</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;software</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Leasehold improvements</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>11,328</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">11,187</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>125,632</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">131,420</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Less accumulated depreciation and amortization</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>68,373</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">65,857</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Property, plant and equipment, net</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN="RIGHT"> <B>57,259</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT"> 65,563</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%>
Included in property, plant and equipment are assets under capital leases,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as follows (in thousands):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="10%" ALIGN="RIGHT"><B>2005</B></TD>
        <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="10%" ALIGN="RIGHT">2004</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Furniture and fixtures, office, computer and other equipment</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN="RIGHT"> <B>1,582</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT"> 1,680</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Less: Accumulated amortization</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>754</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">503</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN="RIGHT"> <B>828</B></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT"> 1,177</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>4.</B></TD>
<TD WIDTH=95%>
<B>RELATED PARTY TRANSACTIONS</B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The Company leased its headquarters office/warehouse facility from affiliates
during the years ended December 31, 2005, December 31, 2004 and December 31,
2003 (see Note 11). Rent expense under the lease aggregated $612,000 in each of
those years. The Company believes that these payments were no higher than would
be paid to an unrelated lessor for comparable space.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>5.</B></TD>
<TD WIDTH=95%>
<B>CREDIT FACILITIES</B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
In October 2005 the Company amended and restated its $70,000,000 revolving
credit agreement with a group of financial institutions to increase the amount
available to $120,000,000 (which may be increased by up to $30 million, subject
to certain conditions) and to provide for borrowings by the Company&#146;s
United States and United Kingdom subsidiaries. The borrowings are secured by all
of the domestic and United Kingdom accounts receivable, the domestic inventories
of the Company, the Company&#146;s United Kingdom headquarters building and the
Company&#146;s shares of stock in its domestic and United Kingdom subsidiaries.
The credit facility expires and outstanding borrowings thereunder are due on
October 26, 2010. The borrowings under the agreement are subject to borrowing
base limitations of up to 85% of eligible accounts receivable and up to 40% of
qualified inventories. The interest on outstanding advances is payable monthly,
at the Company&#146;s option, at the agent bank&#146;s base rate (7.25% at
December 31, 2005) plus 0.25% or the bank&#146;s daily LIBOR rate (4.9% at
December 31, 2005) plus 1.25% to 2.25%. The undrawn availability under the
facility may not be less than $15 million until the last day of any month in
which the availability net of outstanding borrowings is at least $70 million.
The facility also calls for a commitment fee payable quarterly in arrears of
0.375% of the average daily unused portions of the facility. The revolving
credit agreement requires that a minimum level of availability be maintained. If
such availability is not maintained, the Company will be required to maintain a
fixed charge coverage ratio (as defined). The agreement contains certain other
covenants, including restrictions on capital expenditures and payments of
dividends. The Company was in compliance with all of the covenants as of
December 31, 2005. The Company was not in compliance with the financial
reporting requirements regarding timely filing of the Company&#146;s financial
statements under the agreement for periods subsequent to December 31, 2005 for
which the lenders have approved a waiver. As of December 31, 2005, availability
under the agreement was $97.6 million and there were outstanding advances of
$21.8 million (all in the United Kingdom) and outstanding letters of credit of
$14.6 million. Under the previous facility, as of December 31, 2004 availability
under the agreement was $54.6 million and there were outstanding letters of
credit of $9.1 million. There were no outstanding advances as of December 31,
2004.<BR>
<BR>
In connection with the amendment to its revolving credit agreement, the Company
terminated its &pound;15,000,000 multi-currency credit facility with a United
Kingdom financial institution in October 2005. The facility was available to the
Company&#146;s United Kingdom subsidiaries and at December 31, 2004 there were
&pound;5.3 million ($10.0 million at the December 31, 2004 exchange rate) of
borrowings outstanding under this line with interest payable at a rate of 5.87%.<BR>
<BR>
The Company&#146;s Netherlands subsidiary maintains a &#128;5 million ($5.9
million at the December 31, 2005 exchange rate) credit facility with a local
financial institution. Borrowings under the facility are secured by the
subsidiary&#146;s accounts receivable and are subject to a borrowing base
limitation of 85% of the eligible accounts. At December 31, 2005 there were
&#128;3.8 million ($4.4 million) of borrowings outstanding under this line with
interest payable at a rate of 5.0%. At December 31, 2004 there were &#128;3.5
million ($4.8 million at the December 31, 2004 exchange rate) of borrowings
outstanding under this line with interest payable at a rate of 5.0%. The
facility expires in November 2006.<BR>
<BR>
The weighted average interest rate on short-term borrowings was 6.4% in 2005,
6.0% in 2004 and 5.2% in 2003.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>6.</B></TD>
<TD WIDTH=95%>
<B>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
Accrued expenses and other current liabilities consist of the following (in
thousands):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="10%" ALIGN="RIGHT"><B>2005</B></TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="10%" ALIGN="RIGHT">2004</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Payroll and employee benefits</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN="RIGHT"> <B>13,262</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT"> 14,493</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Income taxes payable</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>6,819</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">6,397</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Other</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>42,807</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">38,749</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT"> <B>62,888</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT"> 59,639</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>7.</B></TD>
<TD WIDTH=95%>
<B>LONG-TERM DEBT</B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
Long-term debt consists of (in thousands):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="10%" ALIGN="RIGHT"><B>2005</B></TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="10%" ALIGN="RIGHT">2004</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Mortgage note payable (a)</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN=RIGHT> <B>7,803</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 8,012</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Term loan payable (b)</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>--</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>9,713</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Capitalized equipment lease obligations</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>799</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>1,185</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>8,602</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>18,910</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Less: current portion</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>574</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>10,271</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN=RIGHT> <B>8,028</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 8,639</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=5%>(a)</TD>
<TD WIDTH=90%>
Mortgage note payable. The Company had a ten year, $8.4 million mortgage loan on
its Georgia distribution facility. The mortgage had monthly principal and
interest payments of $62,000 through May 2012, with a final additional principal
payment of $6.4 million at maturity in May 2012. The mortgage bore interest at
7.04% and was collateralized by the underlying land and building. In March 2006,
the Company sold its Georgia distribution facility and repaid the remaining
balance on the mortgage (see Note 14).
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=5%>(b)</TD>
<TD WIDTH=90%>
Term loan payable. The Company had a term loan agreement which was used to
finance the construction of its United Kingdom facility and which was secured by
the underlying land and building. The loan was repaid in November 2005 in
connection with the amendment and restatement of the Company&#146;s revolving
credit facility. The term loan agreement contained certain financial and other
covenants related to the Company&#146;s United Kingdom subsidiaries, with which
the Company was not in compliance as of December 31, 2004. As a result, the
Company classified the entire obligation as current as of December 31, 2004.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The aggregate maturities of long-term debt outstanding at December 31, 2005 are
as follows (in thousands):
</TD>
</TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=18% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=1% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=4% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=8% ALIGN=LEFT><U>2006</U></TD>
     <TD WIDTH=1% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=4% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=8% ALIGN=LEFT><U>2007</U></TD>
     <TD WIDTH=1% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=4% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=8% ALIGN=LEFT><U>2008</U></TD>
     <TD WIDTH=1% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=4% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=8% ALIGN=LEFT><U>2009</U></TD>
     <TD WIDTH=1% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=4% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=8% ALIGN=LEFT><U>2010</U></TD>
     <TD WIDTH=1% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=4% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=1% ALIGN=RIGHT>&nbsp;</TD><TD WIDTH=9% ALIGN=RIGHT><U>After 2010</U></TD>
        <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Maturities</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$574</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$505</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$348</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$241</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$258</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT></TD><TD ALIGN=RIGHT>$6,676</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>8.</B></TD>
<TD WIDTH=95%>
<B>RESTRUCTURING AND OTHER CHARGES</B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The Company periodically assesses its operations to ensure that they are
efficient, aligned with market conditions and responsive to customer needs.
During the years ended December 31, 2005, 2004 and 2003, management approved and
implemented restructuring actions which included workforce reductions and
facility consolidations. The following table summarizes the amounts recognized
by the Company as restructuring and other charges for the periods presented (in
thousands):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH></TH>
     <TH></TH>
     <TH></TH>
     <TH></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="65%" ALIGN="LEFT">Years ended December 31,<HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD WIDTH="13%" ALIGN="RIGHT"><B>2005</B><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD WIDTH="12%" ALIGN="RIGHT">2004<HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD WIDTH="10%" ALIGN="RIGHT">2003<HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>2004 United States streamlining plan</TD>
     <TD ALIGN=RIGHT><B>$122</B>&nbsp;</TD>
     <TD ALIGN=RIGHT>$3,743&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>2003 United States warehouse consolidation plan</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>642&nbsp;</TD>
     <TD ALIGN=RIGHT>$713&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>2002 United Kingdom consolidation plan</TD>
     <TD ALIGN=RIGHT><B>(93)</B></TD>
     <TD ALIGN=RIGHT>467&nbsp;</TD>
     <TD ALIGN=RIGHT>2,173&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Litigation settlements (recoveries)</TD>
     <TD ALIGN=RIGHT><B>300</B>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT>(1,272)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Other severance and exit costs</TD>
     <TD ALIGN=RIGHT><B>3,822</B>&nbsp;</TD>
     <TD ALIGN=RIGHT>2,504&nbsp;</TD>
     <TD ALIGN=RIGHT>112&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN=RIGHT><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Total restructuring and other charges</TD>
     <TD ALIGN=RIGHT><B>$4,151</B>&nbsp;</TD>
     <TD ALIGN=RIGHT>$7,356&nbsp;</TD>
     <TD ALIGN=RIGHT>$1,726&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN=RIGHT><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN=RIGHT><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<U>2004 United States Streamlining Plan</U><BR>
In the first quarter of 2004, the Company implemented a plan to streamline the
back office and warehousing operations in its United States computer businesses.
The Company recorded $3.7 million of costs related to this plan, including $3.2
million for severance and benefits for approximately 200 terminated employees
and $483,000 of non-cash costs for impairment of the carrying value of fixed
assets.<BR>
<BR>
<U>2003 United States Warehouse Consolidation Plan</U><BR>
In the fourth quarter of 2003, the Company implemented a plan to consolidate the
warehousing facilities in its United States computer supplies business. The
Company recorded $122,000 of additional severance costs in 2005 and $642,000 of
additional exit costs in 2004 related to this plan.<BR>
<BR>
<U>2002 United Kingdom Consolidation Plan</U><BR>
In 2002 the Company implemented a restructuring plan to consolidate the
activities of three United Kingdom locations into a new facility constructed for
the Company. During the year ended December 31, 2003, the Company recorded
$2,173,000 of additional exit costs related to this plan. During the year ended
December 31, 2004, the Company recorded $467,000 of additional exit costs
related to this plan.<BR>
<BR>
<U>Other Severance and Exit Costs</U><BR>
The Company recorded restructuring costs of $3.7 million during 2005 and $2.5
million during 2004 in Europe in connection with workforce reductions and
facility exit costs. In 2005, these costs were comprised of employee severance
costs. In 2004, these costs were comprised of $1.8 million of employee severance
costs and $0.7 million of other exit costs, primarily asset write-downs.<BR>
<BR>
The following table summarizes the components of the accrued restructuring
charges and the movements within these components during the years ended
December 31, 2005 and 2004 (in thousands). The balance of the restructuring
reserves is included in the Consolidated Balance Sheets within accrued expenses
and other current liabilities.
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="90%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="42%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT"></TD><TD WIDTH="15%" ALIGN="RIGHT">Severance and</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="15%" ALIGN="RIGHT">Other</TD>
        <TD WIDTH="2%" ALIGN="LEFT"></TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="15%" ALIGN="RIGHT"></TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"></TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">Personnnel Costs</TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">Exit Costs</TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">Total</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Balance as of January 1, 2004</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT">     63</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT">  2,962</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT">  3,025</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Charged to expense in 2004</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">3,153</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">1,699</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">4,852</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Amounts utilized</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(2,583</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(3,265</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(5,848</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Balance at December 31, 2004</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">633</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">1,396</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">2,029</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Charged to expense in 2005</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">3,945</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(93</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">3,852</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Amounts utilized</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(4,325</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(1,038</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(5,363</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Balance at December 31, 2005</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT">    253</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT">    265</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT">    518</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<U>Litigation Settlements</U><BR>
In May 2006 the Company entered into a stipulation of settlement with all of the
plaintiffs who had filed derivative complaints in 2005 alleging misconduct in
connection with the Company's restatement of its 2004 financial results (see
Note 11).<BR>
<BR>
In August 2003 the Company settled litigation with a software developer and
reversed a previously recorded liability of $1.3 million which was no longer
needed (see Note 11).
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>9.</B></TD>
<TD WIDTH=95%>
<B>SHAREHOLDERS' EQUITY</B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
As required by law, certain foreign subsidiaries must retain a percentage of
shareholders' capital in the respective company. Accordingly, a portion of
retained earnings is restricted and not available for distribution to
shareholders. Such amounts at December 31, 2005 and 2004 were not material.<BR>
<BR>
<I><U>Stock Option Plans</U></I> - The Company has three fixed option plans
which reserve shares of common stock for issuance to key employees, directors,
consultants and advisors to the Company. The following is a description of these
plans:<BR>
<BR>
<I><U>The 1995 Long-term Stock Incentive Plan</U></I> - This plan, adopted in
1995, allows the Company to issue qualified, non-qualified and deferred
compensation stock options, stock appreciation rights, restricted stock and
restricted unit grants, performance unit grants and other stock based awards
authorized by the Compensation Committee of the Board of Directors. Options
issued under this plan expire ten years after the options are granted and
generally become exercisable ratably on the third, fourth, and fifth anniversary
of the grant date. A maximum total number of 2.0 million shares may be granted
under this plan of which a maximum of 800,000 shares may be of restricted stock
and restricted stock units. No award can be granted under this plan after
December 31, 2005. A total of 1,331,190 options were outstanding under this plan
as of December 31, 2005.<BR>
<BR>
<I><U>The 1995 Stock Option Plan for Non-Employee Directors</U></I> - This plan,
adopted in 1995, provides for automatic awards of non-qualified options to
directors of the Company who are not employees of the Company or its affiliates.
All options granted under this plan will have a ten year term from grant date
and are immediately exercisable. A maximum of 100,000 shares may be granted for
awards under this plan. This plan will terminate the day following the 2006
annual shareholders meeting. A total of 52,000 options were outstanding under
this plan as of December 31, 2005.<BR>
<BR>
<I><U>The 1999 Long-term Stock Incentive Plan, as amended ("1999 Plan")</U></I>
- - This plan was adopted on October 25, 1999 with substantially the same terms
and provisions as the 1995 Long-term Stock Incentive Plan. A maximum of 5.0
million shares may be granted under this plan. The maximum number of shares
granted per type of award to any individual may not exceed 1,500,000 in any
calendar year and 3,000,000 in total. No award shall be granted under this plan
after December 31, 2009. Restricted stock grants and common stock awards reduce
stock options otherwise available for future grant. A total of 1,274,229 options
were outstanding under this plan as of December 31, 2005.<BR>
<BR>
The following table reflects the plan activity for the years ended December 31, 2005, 2004 and 2003:
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="46%" ALIGN="LEFT"></TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="14%" ALIGN="RIGHT">For Shares</TD>
        <TD WIDTH="6%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="27%" ALIGN="LEFT">Option Prices</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Outstanding, January 1, 2003</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>2,091,315</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$ 1.95 to $39.06</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Granted</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>1,072,700</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$ 1.76 to $ 3.36</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Exercised</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(184,341</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=LEFT>$ 1.76 to $ 3.05</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Cancelled</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(158,372</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=LEFT>$ 1.76 to $39.06</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Outstanding, December 31, 2003</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>2,821,302</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$ 1.76 to $18.41</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Granted</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>780,267</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$ 5.30 to $ 6.34</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Exercised</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(144,168</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=LEFT>$ 1.76 to $ 3.05</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Cancelled</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(216,150</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=LEFT>$ 1.76 to $18.41</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Outstanding, December 31, 2004</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>3,241,251</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$ 1.76 to $18.41</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Granted</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>75,000</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$ 6.25</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Exercised</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(328,374</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=LEFT>$ 1.76 to $ 5.30</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Cancelled</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(330,458</TD>
        <TD ALIGN=LEFT>)</TD>
     <TD ALIGN=LEFT>$ 1.76 to $18.41</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Outstanding, December 31, 2005</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>2,657,419</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>$ 1.76 to $18.41</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The following table summarizes information for the three years ended December
31, 2005 concerning currently outstanding and exercisable options:
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=6>2005<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=6>2004<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=6>2003<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3>Shares<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>Weighted-Average<BR>
Exercise Price<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>Shares<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>Weighted Average<BR>
Exercise Price<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>Shares<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>Weighted Average<BR>
Exercise Price<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="32%" ALIGN="LEFT">Outstanding at beginning of year</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="9%" ALIGN="RIGHT"><B>3,241,251</B></TD>
        <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><B>$</B></TD><TD WIDTH="9%" ALIGN="RIGHT"> <B>3.96</B></TD>
        <TD WIDTH="1%" ALIGN="LEFT"></TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="9%" ALIGN="RIGHT">2,821,302</TD>
        <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="9%" ALIGN="RIGHT"> 3.70</TD>
        <TD WIDTH="1%" ALIGN="LEFT"></TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="9%" ALIGN="RIGHT">2,091,315</TD>
        <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="9%" ALIGN="RIGHT"> 5.01</TD>
        <TD WIDTH="1%" ALIGN="LEFT"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Granted</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>75,000</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><B>$</B></TD><TD ALIGN="RIGHT"> <B>6.25</B></TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">780,267</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 5.38</TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">1,072,700</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 1.80</TD>
        <TD ALIGN="LEFT"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Exercised</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>(328,374</B></TD>
        <TD ALIGN="LEFT"><B>)</B></TD>
     <TD ALIGN="RIGHT"><B>$</B></TD><TD ALIGN="RIGHT"> <B>2.37</B></TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(144,168</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 2.28</TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(184,341</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 2.27</TD>
        <TD ALIGN="LEFT"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Cancelled</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>(330,458</B></TD>
        <TD ALIGN="LEFT"><B>)</B></TD>
     <TD ALIGN="RIGHT"><B>$</B></TD><TD ALIGN="RIGHT"> <B>6.35</B></TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(216,150</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 6.82</TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(158,372</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 9.68</TD>
        <TD ALIGN="LEFT"></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Outstanding at end of year</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>2,657,419</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><B>$</B></TD><TD ALIGN="RIGHT"> <B>3.93</B></TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">3,241,251</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 3.96</TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">2,821,302</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 3.70</TD>
        <TD ALIGN="LEFT"></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Options exercisable at year end</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>1,891,155</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT">&nbsp;</TD><TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">1,756,517</TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN="RIGHT">&nbsp;</TD><TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">1,483,287</TD>
        <TD ALIGN="LEFT"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Weighted average fair value per</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;option granted during the year</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>$4.21</B></TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN="RIGHT">&nbsp;</TD><TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">$1.61</TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN="RIGHT">&nbsp;</TD><TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT"></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">$0.81</TD>
        <TD ALIGN="LEFT"></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
As of December 31, 2005:
</TD>
</TR>
</TABLE>
<BR>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH>Range of<BR>
Exercise<BR>
Price<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH>Number<BR>
Outstanding<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">Weighted-Average<BR>
Remaining<BR>
Contractual Life<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">Weighted-Average<BR>
Exercise<BR>
Price<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH>Number<BR>
Exercisable<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="CENTER">Weighted-Average<BR>
Exercise<BR>
Price<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="20%" ALIGN="CENTER">$ 1.76 to $ 5.00</TD>
     <TD WIDTH="15%" ALIGN="CENTER">1,518,502&nbsp;</TD>
     <TD WIDTH="15%" ALIGN="CENTER">6.51</TD>
     <TD WIDTH="15%" ALIGN="CENTER">$2.12</TD>
     <TD WIDTH="15%" ALIGN="CENTER">1,237,940</TD>
     <TD WIDTH="20%" ALIGN="CENTER">$2.20</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER">$5.01 to $15.00</TD>
     <TD ALIGN="CENTER">1,110,217&nbsp;</TD>
     <TD ALIGN="CENTER">7.20</TD>
     <TD ALIGN="CENTER">$6.04</TD>
     <TD ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;624,515&nbsp;</TD>
     <TD ALIGN="CENTER">$6.48</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER">$15.01 to $18.41&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER">&nbsp;&nbsp;&nbsp;28,700</TD>
     <TD ALIGN="CENTER">1.28</TD>
     <TD ALIGN="CENTER">$17.72&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,700&nbsp;</TD>
     <TD ALIGN="CENTER">$17.72&nbsp;&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="CENTER"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN="CENTER"></TD>
     <TD ALIGN="CENTER"></TD>
     <TD ALIGN="CENTER"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD ALIGN="CENTER"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER">$1.76 to $18.41</TD>
     <TD ALIGN="CENTER">2,657,419&nbsp;</TD>
     <TD ALIGN="CENTER">6.74</TD>
     <TD ALIGN="CENTER">$3.93</TD>
     <TD ALIGN="CENTER">1,891,155</TD>
     <TD ALIGN="CENTER">$3.85</TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="CENTER"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="CENTER"></TD>
     <TD ALIGN="CENTER"></TD>
     <TD ALIGN="CENTER"><HR WIDTH=90% NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD ALIGN="CENTER"></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
During the year ended December 31, 2004, the Company granted 1,000,000
restricted stock units under the 1999 Plan to a key employee who is also a
Company director. A restricted stock unit represents the right to receive a
share of the Company&#146;s common stock. The restricted stock units vest at the
rate of 20% on May 31, 2005 and 10% per year on April 1, 2006 and each year
thereafter. The restricted stock units have none of the rights as other shares
of common stock until common stock is distributed, other than rights to cash
dividends. Compensation expense for restricted stock awards is recognized based
on the intrinsic value method defined by APB 25. The total market value of the
shares granted has been recorded as &#147;Unearned Restricted Stock
Compensation&#148; and is reported as a separate component in the consolidated
statements of shareholders&#146; equity and is being expensed over the vesting
period.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>10.</B></TD>
<TD WIDTH=95%>
<B>INCOME TAXES</B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The components of income (loss) before income taxes are as follows (in
thousands):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3 ALIGN=LEFT>Years Ended December 31<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>2005<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>2004<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>2003<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="LEFT">United States</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="15%" ALIGN="RIGHT"> 38,912</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="15%" ALIGN="RIGHT"> 33,268</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="15%" ALIGN="RIGHT"> 18,287</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Foreign</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(6,038</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(16,712</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(10,726</TD>
        <TD ALIGN="LEFT">)</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Total</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 32,874</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 16,556</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 7,561</TD>
        <TD ALIGN="LEFT">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The provision (benefit) for income taxes consists of the following (in
thousands):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3 ALIGN=LEFT>Years Ended December 31<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>2005<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>2004<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>2003<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="LEFT">Current:</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="15%" ALIGN="RIGHT"></TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="15%" ALIGN="RIGHT"></TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="15%" ALIGN="RIGHT"></TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN="RIGHT"> <B>10,499</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT"> 8,622</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT"> 5,247</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>3,146</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">565</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">709</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>1,560</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(442</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">1,214</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>15,205</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">8,745</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">7,170</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Deferred:</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>(265</B></TD>
        <TD ALIGN="LEFT"><B>)</B></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">725</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">1,934</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>(490</B></TD>
        <TD ALIGN="LEFT"><B>)</B></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(899</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(864</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>6,983</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(2,203</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(3,886</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT"><B>6,228</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(2,377</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN="RIGHT">(2,816</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">TOTAL</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN="RIGHT"> <B>21,433</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT"> 6,368</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN="RIGHT"> 4,354</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
Income taxes are accrued and paid by each foreign entity in accordance with
applicable local regulations.<BR>
<BR>
A reconciliation of the difference between the income tax expense (benefit) and
the computed income tax expense based on the Federal statutory corporate rate is
as follows (in thousands):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3 ALIGN=LEFT>Years Ended December 31<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>2005<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>2004<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>2003<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="64%" ALIGN="LEFT">Income tax at Federal statutory rate</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><B>$</B></TD><TD WIDTH="8%" ALIGN="RIGHT"> <B>11,506</B></TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="8%" ALIGN="RIGHT"> 5,795</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="8%" ALIGN="RIGHT"> 2,646</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">State and local income taxes (benefits) and</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;changes in valuation allowances, net of</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>1,311</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(172</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(100</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;federal tax benefit</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Foreign taxes at rates different from the U.S. rate</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>1,703</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>2,375</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>434</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Changes in valuation allowances for foreign</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;deferred tax assets</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>10,194</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Non-deductible goodwill impairment</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>900</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Tax credits</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>(197</B></TD>
        <TD ALIGN="LEFT"><B>)</B></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(599</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(660</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Adjustment for prior year taxes</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>(3,205</B></TD>
        <TD ALIGN="LEFT"><B>)</B></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(588</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>1,311</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Other items, net</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>121</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(443</TD>
        <TD ALIGN="LEFT">)</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(177</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN=RIGHT> <B>21,433</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 6,368</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 4,354</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The deferred tax assets (liabilities) are comprised of the following (in
thousands):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3>2005<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>2004<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="72%" ALIGN="LEFT">Current:</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="9%" ALIGN="RIGHT"></TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD><TD WIDTH="9%" ALIGN="RIGHT"></TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deductible assets</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN=RIGHT> <B>(1,197</B></TD>
        <TD ALIGN="LEFT"><B>)</B></TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> (699</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>9,875</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>9,885</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-deductible assets</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>1,201</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>1,179</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>(125</B></TD>
        <TD ALIGN="LEFT"><B>)</B></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(358</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation allowances</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>(527</B></TD>
        <TD ALIGN="LEFT"><B>)</B></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(413</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>9,227</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>9,594</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">Non-current:</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating loss and credit carryforwards</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>14,543</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>17,419</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>(511</B></TD>
        <TD ALIGN="LEFT"><B>)</B></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(2,816</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated depreciation</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>3,059</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>1,622</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible and other assets</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>10,031</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>12,031</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>1,757</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>1,032</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation allowances</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>(14,779</B></TD>
        <TD ALIGN="LEFT"><B>)</B></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>(10,643</TD>
        <TD ALIGN=LEFT>)</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT><B>14,100</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>18,645</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">TOTAL</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><B>$</B></TD><TD ALIGN=RIGHT> <B>23,327</B></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 28,239</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The Company has not provided for federal income taxes applicable to the
undistributed earnings of its foreign subsidiaries of $12.4 million as of
December 31, 2005, since these earnings are indefinitely reinvested. The Company
has foreign net operating loss carryforwards which expire from 2006 through 2020
except for carryforwards in the United Kingdom and the Netherlands, which have
no expiration. In accordance with SFAS 109 &#147;Accounting for Income
Taxes,&#148; the Company records these benefits as assets to the extent that
utilization of such assets is more likely than not; otherwise, a valuation
allowance has been recorded. The Company has also provided valuation allowances
for certain state deferred tax assets and net operating loss carryforwards where
it is not likely they will be realized.<BR>
<BR>
In the fourth quarter of 2005, the Company recorded a valuation allowance of
$10.2 million related to carryforward losses and deferred tax assets in the
United Kingdom. The Company&#146;s United Kingdom subsidiary had recorded losses
and has been affected by restructuring activities in recent years. These losses
and the loss incurred for the year ended December 31, 2005 represented evidence
for management estimate that a full valuation allowance for the net deferred tax
assets was necessary under SFAS 109. In the fourth quarter of 2005, the Company
also recorded an income tax benefit of $2.7 million as a result of a favorable
decision received in connection with a petition submitted in connection with
audit assessments made in 2002 and 2004 in a foreign jurisdiction.<BR>
<BR>
As of December 31, 2005 the valuation allowances of $15.3 million include $11.1
million related to net operating loss carryforwards and $2.3 million for other
deductible temporary differences in foreign jurisdictions and $1.5 million for
state net operating loss carryforwards and $0.4 million for other state
deductible temporary differences. During the year ended December 31, 2005
valuation allowances increased $5,551,000 as a result of additional losses
incurred in foreign and state jurisdictions, net of reductions resulting from
changes in deferred tax assets due to changes in tax laws. Valuation allowances
decreased $1,301,000 in 2005 for carryforward losses utilized for which
valuation allowances had been previously provided. During the year ended
December 31, 2004 valuation allowances increased $1,373,000 as a result of
additional losses incurred and decreased $3,968,000 for carryforward losses and
tax credits utilized for which valuation allowances had been previously
provided.<BR>
<BR>
The Company is routinely audited by federal, state and foreign tax authorities
with respect to its income taxes. The Company regularly reviews and evaluates
the likelihood of audit assessments and believes it has adequately accrued for
exposures for tax liabilities resulting from future tax audits. To the extent
the Company would be required to pay amounts in excess of reserves or prevail on
matters for which accruals have been established, the Company&#146;s effective
tax rate in a given period may be materially impacted. The Company&#146;s
federal income tax returns for fiscal years 2000 through 2004 are currently
being audited by the Internal Revenue Service. Although proposed adjustments
have not been received for these years and the outcome of in-progress tax audits
is always uncertain, management believes the ultimate outcome of the audit will
not have a material adverse impact on the Company&#146;s consolidated financial
statements.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>11.</B></TD>
<TD WIDTH=95%>
<B>COMMITMENTS, CONTINGENCIES AND OTHER MATTERS</B>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<I><U>Leases</U></I> &#151; The Company is obligated under operating lease
agreements for the rental of certain office and warehouse facilities and
equipment which expire at various dates through September 2026. The Company
currently leases one facility in New York from an entity owned by the
Company&#146;s three principal shareholders and senior executive officers (see
Note 4). The Company also acquires certain computer and communications equipment
pursuant to capital lease obligations.<BR>
<BR>
At December 31, 2005, the future minimum annual lease payments for capital
leases and related and third-party operating leases were as follows (in
thousands):
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3>Capital<BR>
Leases<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>Third Party<BR>
Operating<BR>
Leases<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>Related<BR>
Party<BR>
Operating<BR>
Lease<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3>Total<HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="50%" ALIGN="LEFT">2006</TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="8%" ALIGN="RIGHT"> 387</TD>
        <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="8%" ALIGN="RIGHT"> 8,474</TD>
        <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="8%" ALIGN="RIGHT"> 612</TD>
        <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="8%" ALIGN="RIGHT"> 9,473</TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>2007</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>299</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>9,981</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>612</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>10,892</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>2008</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>126</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>9,119</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>9,245</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>2009</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>8,709</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>8,709</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>2010</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>6,614</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>6,614</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>2011-2015</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>24,733</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>24,733</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>2016-2020</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>20,051</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>20,051</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Thereafter</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>11,108</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>11,108</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Total minimum lease payments</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>812</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>98,789</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>1,224</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>100,825</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Less: sublease rental income</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>3,222</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>3,222</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Lease obligation net of subleases</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>812</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 95,567</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 1,224</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 97,603</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Less amount representing interest</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>&nbsp;</TD><TD ALIGN=RIGHT>13</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Present value of minimum capital lease</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;&nbsp;payments (including current portion of $387)</TD><TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT>$</TD><TD ALIGN=RIGHT> 799</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
Annual rent expense aggregated approximately $10,272,000, including $612,000 to
related parties, for 2005, $7,887,000, including $612,000 to related parties,
for 2004 and $7,693,000, including $612,000 to related parties, for 2003. Rent
expense for 2005 is net of sublease income of $848,000.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<I><U>Litigation</U></I> &#150; Beginning on May 24, 2005, three shareholder
derivative lawsuits were filed, one in the United States District Court for the
Eastern District of New York and two in the Supreme Court of New York, County of
Nassau, against various officers and directors of the Company and naming the
Company as a nominal defendant in connection with the Company&#146;s
restatements of its fiscal year 2003 and 2004 financial statements. The
defendants and the Company denied all of the allegations of wrongdoing contained
in the complaints. On May 16, 2006, the parties entered into a stipulation of
settlement of this case. By order dated July 6, 2006 the United States District
Court for the Eastern District of New York approved the settlement and dismissed
the federal complaint with prejudice. Pursuant to the settlement the defendants
are released from liability and the Company will adopt certain corporate
governance principles including the appointment of a lead independent director
to, among other things, assist the Board of Directors in assuring compliance
with and implementation of the Company's corporate governance policies and pay
$300,000 of the legal fees of the plaintiffs. The plaintiffs were directed by
the U.S. District Court to move to dismiss the state court actions.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
In August 2003 the Company entered into a settlement agreement with a software
developer of a new customer order management software system that was being
written for the Company&#146;s internal use. The specific terms of the
settlement agreement are confidential; however, none of the terms had a material
effect on the business or the consolidated financial statements of the Company.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
The Company has also been named as a defendant in other lawsuits in the normal
course of its business, including those involving commercial, tax, employment
and intellectual property related claims. Based on discussions with legal
counsel, management believes the ultimate resolution of these lawsuits will not
have a material effect on the Company&#146;s consolidated financial statements.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<I><U>Contingency</U></I> &#151; The Company is required to collect sales tax on
certain of its sales. In accordance with current laws, approximately 17% of the
Company&#146;s 2005 domestic sales, 17% of the Company&#146;s 2004 domestic
sales and 16% of the 2003 domestic sales were subject to sales tax. Changes in
law could require the Company to collect sales tax in additional states and
subject the Company to liabilities related to past sales.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<I><U>Employee Benefit Plans</U></I> &#151; The Company&#146;s U.S. subsidiaries
participate in a defined contribution 401(k) plan covering substantially all
U.S. employees. Employees may invest 1% or more of their eligible compensation,
limited to maximum amounts as determined by the Internal Revenue Service. The
Company provides a matching contribution to the plan, determined as a percentage
of the employees&#146; contributions. Aggregate expense to the Company for
contributions to such plans was approximately $455,000 in 2005, $436,000 in 2004
and $408,000 in 2003.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<I><U>Foreign Exchange Risk Management</U></I> &#151; The Company has no
involvement with derivative financial instruments and does not use them for
trading purposes. The Company may enter into foreign currency options or forward
exchange contracts to hedge certain foreign currency transactions. The intent of
this practice would be to minimize the impact of foreign exchange rate movements
on the Company&#146;s operating results. As of December 31, 2005, the Company
had no outstanding forward exchange contracts.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<I><U>Fair Value of Financial Instruments</U></I> &#151; Financial instruments
consist primarily of investments in cash and cash equivalents, trade accounts
receivable, accounts payable and debt obligations. The Company estimates the
fair value of financial instruments based on interest rates available to the
Company and by comparison to quoted market prices. At December 31, 2005 and
2004, the carrying amounts of cash and cash equivalents, accounts receivable,
income taxes receivable and payable and accounts payable are considered to be
representative of their respective fair values due to their short-term nature.
The carrying amounts of the notes payable to banks and the term loan payable are
considered to be representative of their respective fair values as their
interest rates are based on market rates. The estimated fair value of the
Company&#146;s mortgage loan payable was $8.8 million at December 31, 2005 and
$9.0 million at December 31, 2004.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<I><U>Concentration of Credit Risk</U></I> &#150; Financial instruments that
potentially subject the Company to concentrations of credit risk consist of
cash, cash equivalents and accounts receivable. The Company&#146;s excess cash
balances are invested with high credit quality issuers. Concentrations of credit
risk with respect to accounts receivable are limited due to the large number of
customers and their geographic dispersion comprising the Company&#146;s customer
base. The Company also performs on-going credit evaluations and maintains
allowances for potential losses as warranted.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>12.</TD>
<TD WIDTH=95%>
<B>SEGMENT AND RELATED INFORMATION</B>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Flush Level 4" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>The
Company operates in one primary business as a reseller of business products to commercial
and consumer users. The Company operates and is internally managed in two operating
segments, Computer Products and Industrial Products. The Company has also separately
disclosed its costs associated with the development of the Company&#146;s new web-hosted
software application, for which no revenues have been recognized. The Company&#146;s chief
operating decision-maker is the Company&#146;s Chief Executive Officer. The Company
evaluates segment performance based on income from operations before net interest, foreign
exchange gains and losses, restructuring and other charges and income taxes. Corporate
costs not identified with the disclosed segments and restructuring and other charges are
grouped as &#147;Corporate and other expenses.&#148; The chief operating decision-maker
reviews assets and makes capital expenditure decisions for the Company on a consolidated
basis only. The accounting policies of the segments are the same as those of the Company
described in Note 1. <BR>
<BR>
Financial information relating to the Company&#146;s operations by reportable
segment was as follows (in thousands): </TD>
</TR>
</TABLE>
<BR>





<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="70%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Year Ended December 31,</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2005</U></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2004</U>*</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2003</U>*</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="42%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Net Sales:</U></FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="42%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Computer products</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><B>$1,940,902</B></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>$1,776,517</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>$1,523,815</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="42%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Industrial products</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><B>174,616</B></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>151,630</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>131,921</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Consolidated</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><B>$2,115,518</B></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>$1,928,147</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>$1,655,736</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="42%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Depreciation Expense:</U></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>Computer products</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><B>$7,341</B></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>$9,081</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>$12,118</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="42%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Industrial products</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><B>1,995</B></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>1,789</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>1,555</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="42%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Software application</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><B>403</B></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>178</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=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="42%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate</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><B>255</B></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>266</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>265</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Consolidated</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><B>$9,994</B></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>$11,314</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>$13,938</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Income (Loss) from Operations:</U></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>Computer products</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><B>$41,521</B></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>$16,873</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>$9,574</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>Industrial products</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><B>7,591</B></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>10,782</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>5,036</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>Software application</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><B>(6,803</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>)</B></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,954</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>(2,501</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>Corporate and other expenses</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><B>(7,500</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>)</B></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,702</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>(2,959</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Consolidated</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><B>$34,809</B></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>$18,999</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>$9,150</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial information relating to the
Company&#146;s operations by geographic area was as follows (in thousands):
</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="70%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Year Ended December 31,</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2005</U></FONT></TH>
     <TH COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2004</U>*</FONT></TH>
     <TH COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2003</U>*</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="42%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Net Sales:</U></FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" 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>United States:</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>&nbsp;&nbsp;&nbsp;&nbsp;Industrial products</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><B>$&nbsp;&nbsp;&nbsp;174,616</B></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>$151,630</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>$131,921</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>&nbsp;&nbsp;&nbsp;&nbsp;Computer products</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><B>1,147,230</B></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>1,011,118</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>866,383</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States total</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><B>1,321,846</B></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>1,162,748</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>998,304</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 North America</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><B>99,035</B></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>69,704</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>26,384</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>Europe</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><B>694,637</B></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>695,695</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>631,048</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Consolidated</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><B>$2,115,518</B></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>$1,928,147</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>$1,655,736</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=75% COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="70%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dec 31, 2005</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dec 31, 2004</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="42%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Long-lived Assets:</U></FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" 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>North America - principally United States</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><B>$31,435</B></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>$34,654</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>Europe</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><B>25,824</B></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>30,909</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=70% COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=70% COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Consolidated</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><B>$57,259</B></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>$65,563</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=80% COLOR=#000000 SIZE=2></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE WIDTH=80% COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales are attributed to countries based
on location of selling subsidiary. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
* As previously restated &#150; see Note 2. </FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT><B>13.</B></TD>
<TD WIDTH=95%><B>BUSINESS COMBINATIONS AND GOODWILL</B><BR>
<BR>
During the second quarter of 2003, the Company purchased the minority ownership
of its Netherlands subsidiary pursuant to the terms of the original purchase
agreement for approximately $2.6 million. All of the purchase price was
attributable to goodwill and, as a result of an impairment analysis, was written
off in accordance with SFAS 142 during that quarter. </TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT><B>14.</B></TD>
<TD WIDTH=95%>
<B>SUBSEQUENT EVENTS</B><BR>
<BR>
In December 2005, the Company entered into an agreement to sell its Suwanee,
Georgia distribution facility. The transaction closed in March 2006 and, as a
result, the Company repaid its mortgage note (see Note 7). The Company realized
a gain of approximately $7 million, net of a prepayment penalty on the mortgage,
which will be recognized in the Company&#146;s first quarter 2006 consolidated
financial statements. </TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT><B>15.</B></TD>
<TD WIDTH=95%><B>QUARTERLY FINANCIAL DATA (UNAUDITED)</B><BR>
<BR>
Quarterly financial data is as follows (in thousands, except for per share
amounts):
</TD>
</TR>
</TABLE>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>First Quarter</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Second Quarter</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third Quarter</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fourth Quarter</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=38% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2005:</B></FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% 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><B>Net sales</B></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><B>$537,908</B></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><B>$506,142</B></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><B>$488,502</B></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><B>$582,966</B></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><B>Gross profit</B></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><B>$79,775</B></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><B>$71,365</B></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><B>$70,480</B></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><B>$85,667</B></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><B>Net income</B></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><B>$2,638</B></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><B>$1,522</B></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><B>$3,875</B></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><B>$3,406</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Net income per common share:</B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Basic</B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>$.08</B></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><B>$.04</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>$.11</B></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><B>$.10</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Diluted</B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>$.07</B></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><B>$.04</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>$.11</B></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><B>$.09</B></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>

<TR VALIGN=Bottom>
     <TD WIDTH=38% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004: (as previously restated-see Note 2):</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% 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>Net sales</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>$484,507</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>$433,267</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>$457,984</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>$552,389</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>Gross profit</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>$76,440</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>$67,527</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>$71,249</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>$71,250</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>Net income</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>$3,690</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>$62</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>$1,333</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>$5,103</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income per common share:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$.11</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>$.--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$.04</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>$.15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$.10</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>$.--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$.04</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>$.14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=3>*&nbsp;*&nbsp;*&nbsp;*&nbsp;*&nbsp;*&nbsp;*</FONT></P>


<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC. </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>SCHEDULE II &#151; VALUATION AND QUALIFYING ACCOUNTS</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>For the years ended December 31:<BR>
(in thousands)</FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Description<BR>
</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Balance at<BR>
Beginning of<BR>
Period</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Charged to<BR>
Expenses</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Write-offs</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Balance at<BR>
End of Period</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Allowance for sales returns and doubtful accounts<BR>
2005</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$11,318</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$7,316</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(6,126</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$12,508</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2004</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$10,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$5,079</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(3,761</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$11,318</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$11,275</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$3,906</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(5,181</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$10,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Reserve for excess and obsolete inventory<BR>
2005</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$12,633</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$1,519</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(5,160</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(509</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$8,483</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2004</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$9,022</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$8,065</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(4,591</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$137</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$12,633</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$8,262</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$5,318</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(4,879</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$321</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$9,022</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Allowance for deferred tax assets<BR>
2005</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;Current</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$413</FONT></TD>
        <TD ALIGN=Right><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$114</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$527</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;Noncurrent (1)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$10,643</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$5,828</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(1,301</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(391</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$14,779</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2004</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;Current</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$698</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(285</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$413</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;Noncurrent</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$12,953</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$1,147</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(3,683</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$226</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$10,643</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;Current</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$1,570</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(872</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$698</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;Noncurrent</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$12,705</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$785</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(976</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$439</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$12,953</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Product warranty provisions<BR>
2005</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$2,011</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$21</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(716</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$1,316</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2004</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$2,642</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$168</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(799</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$2,011</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$2,849</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$473</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$(680</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$2,642</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(1)</TD>
<TD WIDTH=95%>
Charges to expense are net of reductions resulting from changes in deferred tax
assets due to changes in tax laws.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3>EXHIBIT INDEX</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%><B><U>No.</U></B>

 </TD>
<TD WIDTH=80% ALIGN=LEFT><B><U>Description</U></B>
 </TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>  <BR> </FONT></H1>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>10.18     </TD>
<TD WIDTH=80% ALIGN=LEFT>
Amendment No. 1, dated as of December 19, 2005, to the Amended and Restated ,
dated as of October 27, 2005, between JP Morgan Chase Bank, N.A. and affiliates,
General Electric Capital Corporation, and GMAC Commercial Finance LLC (as
Lenders) with the Company and certain subsidiaries of the Company (as Borrowers)</TD>
</TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>10.19  </TD>
<TD WIDTH=80% ALIGN=LEFT>
Lease agreement, dated December 8, 2005, between the Company and Hamilton
Business Center, LLC (Buford, Georgia facility)</TD>
</TR>
</TABLE>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>10.20 </TD>
<TD WIDTH=80% ALIGN=LEFT>
First Amendment, dated as of June 12, 2006, to the Lease Agreement between the
Company and Hamilton Business Center, LLC (Buford, Georgia facility)</TD>
</TR>
</TABLE>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>10.21 </TD>
<TD WIDTH=80% ALIGN=LEFT>
First Amendment, dated as of February 1, 2006, to the Naperville Illinois Facility Lease
between the Company and Ambassador Drive LLC (current landlord) </TD>
</TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>10.22 </TD>
<TD WIDTH=80% ALIGN=LEFT>
Agreement of Purchase and Sale, dated December 9, 2005, between the Company (as Seller)
and Hewlett Packard Company (as Buyer) (Suwanee, Georgia facility)</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>21 </TD>
<TD WIDTH=80% ALIGN=LEFT>Subsidiaries of the Registrant</TD>
</TR>
</TABLE>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>23.1 </TD>
<TD WIDTH=80% ALIGN=LEFT>
Consent of experts and counsel: Consent of Deloitte &amp; Touche LLP</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>23.2 </TD>
<TD WIDTH=80% ALIGN=LEFT>
Consent of experts and counsel: Consent of Ernst &amp; Young LLP</TD>
</TR>
</TABLE>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>31.1 </TD>
<TD WIDTH=80% ALIGN=LEFT>
Certification of the Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002</TD>
</TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>31.2 </TD>
<TD WIDTH=80% ALIGN=LEFT>Certification of the Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>32.1 </TD>
<TD WIDTH=80% ALIGN=LEFT>
Certification of the Chief Executive Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002</TD>
</TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=10%>32.2 </TD>
<TD WIDTH=80% ALIGN=LEFT>
Certification of the Chief Financial Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002</TD>
</TR>
</TABLE>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>systemax-ex1018_070506.htm
<DESCRIPTION>EX-10.18
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.18</TITLE>
</HEAD>
<BODY>

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<P ALIGN=CENTER><FONT SIZE=3><B>AMENDMENT NO. 1 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>TO </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>AMENDED AND RESTATED CREDIT AGREEMENT </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>WAIVER AND CONSENT </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>THIS AMENDMENT NO. 1, WAIVER AND CONSENT </B>(&#147;Amendment No. 1, Waiver
and Consent&#148;) is entered into as of December 19, 2005 by and among SYSTEMAX
INC., a corporation organized under the laws of the State of Delaware
(&#147;SYX&#148;), SYSTEMAX MANUFACTURING INC., a corporation organized under
the laws of the State of Delaware (&#147;SMI&#148;), GLOBAL COMPUTER SUPPLIES
INC., a corporation organized under the laws of the State of New York
(&#147;GCS&#148;), GLOBAL EQUIPMENT COMPANY INC., a corporation organized under
the laws of the State of New York (&#147;GEC&#148;), TIGERDIRECT, INC., a
corporation organized under the laws of the State of Florida
(&#147;Tiger&#148;), DARTEK CORPORATION, a corporation organized under the laws
of the State of Delaware (&#147;Dartek&#148;), NEXEL INDUSTRIES, INC., a
corporation organized under the laws of the State of New York (&#147;NII&#148;),
MISCO AMERICA INC., a corporation organized under the laws of the State of
Delaware (&#147;Misco&#148;), ONREBATE.COM INC., a corporation organized under
the laws of the State of Delaware (&#147;OCI&#148;), PAPIER CATALOGUES, INC., a
corporation organized under the laws of the State of New York (&#147;PCI&#148;),
CATALOG DATA SYSTEMS, INC., a corporation organized under the laws of the State
of New York (&#147;CDS&#148;), MILLENNIUM FALCON CORP., a corporation organized
under the laws of the State of Delaware (&#147;MFC&#148;), TEK SERV INC., a
corporation organized under the laws of the State of Delaware (&#147;TSI&#148;),
B.T.S.A., Inc., a corporation organized under the laws of the State of New York
(&#147;BTSA&#148;), PROFIT CENTER SOFTWARE INC., a corporation organized under
the laws of the State of New York (&#147;PCS&#148;), GLOBAL GOV/ED SOLUTIONS
INC., a corporation organized under the laws of the State of Delaware
(&#147;GGES&#148;), GLOBAL GOVERNMENT &amp; EDUCATION INC., a corporation
organized under the laws of the State of Delaware (&#147;GGE&#148;), SYX
DISTRIBUTION INC., a corporation organized under the laws of the State of
Delaware (&#147;SYXD&#148;), SYX SERVICES INC., a corporation organized under
the laws of the State of New York (&#147;SSI&#148;), and ULTRA PRODUCTS INC., a
corporation organized under the laws of the State of Delaware (&#147;UPI&#148;)
(SYX, SMI, GCS, GEC, Tiger, Dartek, NII, Misco, OCI, PCI, CDS, MFC, TSI, BTSA,
PCS, GGES, GGE, SYXD, SSI and UPI, each a &#147;US Borrower&#148; and jointly
and severally the &#147;US Borrowers&#148;), SYSTEMAX EUROPE LIMITED, a
corporation organized under the laws of Scotland (&#147;the UK Borrower&#148;;
the US Borrowers and the UK Borrower hereinafter each a &#147;Borrower&#148;
and, jointly and severally as the context may require, the
&#147;Borrowers&#148;), SYSTEMAX SUWANEE LLC, a limited liability company
organized under the laws of the State of Delaware (&#147;SSLLC&#148;), and THE
MILLENIUM GROUP LLC, a limited liability company organized under the laws of the
State of Connecticut (&#147;TMGLLC&#148;) (SSLLC, TMGLLC and each US Borrower,
each a &#147;Loan Guarantor&#148; and, jointly and severally as the context may
require, the &#147;Loan Guarantors&#148;), the Lenders party hereto, J.P. MORGAN
EUROPE LIMITED, as UK Administrative Agent, and JPMORGAN CHASE BANK, N.A., as US
Administrative Agent. </FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B>BACKGROUND </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrowers, Agent and Lenders are parties to an Amended and Restated Credit
Agreement dated as of October 27, 2005 (as amended, supplemented or otherwise
modified from time to time, the &#147;Credit Agreement&#148;) pursuant to which
the Lenders provided the Borrowers with certain financial accommodations.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Effective Date of the Credit Agreement, the Borrowers agreed that on or
before November 30, 2005 (the &#147;Required Date&#148;), US Administrative
Agent would receive &#147;the financial statements of Borrowers on a
Consolidated Basis for the months ended July 31, 2005, August 31, 2005 and
September 30, 2005, with each of the foregoing prepared in accordance with
Section 5.01(c) of the Credit Agreement&#148;. US Administrative Agent did not
receive the financial statements for the month ended September 30, 2005 (the
&#147;Overdue Monthly Financial Statements&#148;) by the Required Date, which
constitutes an Event of Default under the Credit Agreement (the &#147;Financial
Statements Default&#148;). Borrowers have agreed to provide to US Administrative
Agent the Overdue Monthly Financial Statements by no later than December 31,
2005, and have requested Lenders to waive the Financial Statements Default.
Lenders are willing to waive the Financial Statements Default on the terms and
conditions hereafter set forth. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrowers have informed Administrative Agents and Lenders that (a) SSLLC intends
to sell the Suwanee Real Property on or about June 15, 2006 (the &#147;Suwanee
Sale&#148;), and (b) GEC intends to enter into a lease for premises located in
Buford, Georgia (the &#147;Georgia Lease&#148;) in order to continue the
business transactions presently conducted in the Suwanee Real Property.
Borrowers have requested Lenders to (x) consent to the Suwanee Sale,
notwithstanding the provisions of Section 6.05 of the Credit Agreement, and (b)
amend Section 6.16 of the Credit Agreement, to permit GEC to enter into the
Georgia Lease. Lenders are willing to consent to the Suwanee Sale and amend the
Credit Agreement on the terms and conditions hereafter set forth. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>NOW</B>, <B>THEREFORE</B>, in consideration of any Loans or grant of credit
heretofore or hereafter made to or for the account of Borrowers by Lenders, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
All capitalized terms not otherwise defined herein shall have the meanings given
to them in the Credit Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;<U>Amendments to
Credit Agreement</U>. Subject to satisfaction of the conditions precedent set
forth in Section 5 below, the Credit Agreement is hereby amended as
follows:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New definitions for the terms &#147;Georgia
Lease&#148; and &#147;Georgia Leasehold Property&#148; are hereby inserted into
Section 1.01 of the Credit Agreement where each would appear in correct
alphabetical order:</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT></TD>
<TD WIDTH=80%>&#147;<U>Georgia Lease</U>&#148; means the lease dated as of
December __, 2005, pursuant to which GEC leases the Georgia Leasehold Property
for a term commencing on or about May 1, 2006.<BR>
<BR>
&#147;<U>Georgia Leasehold Property</U>&#148; means that certain Real Property,
leased by GEC, which is located at 2505 Mill Center Parkway, Suite 100, Buford,
Georgia.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.16 of the Credit Agreement is hereby
amended by (a) deleting the word &#147;and&#148; appearing at the end of clause
&#147;(ii)&quot;, (b) changing the period appearing at the end of clause
&#147;(iii)&#148; to &#147;; and&#148; and (c) inserting a new clause
&#147;(iv)&#148; as follows:</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iv) the Georgia Lease.
</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;<U>Waiver</U>.
Subject to satisfaction of the conditions precedent set forth in Section 5
below, Administrative Agents and Lenders hereby waive the Financial Statements
Default. Such waiver is limited precisely to the Financial Statements Default
and shall not be deemed a waiver to or modification of any other Default, Event
of Default or other provision of the Credit Agreement. Borrowers hereby agree
that the failure of US Administrative Agent to receive the Overdue Monthly
Financial Statements on or prior to December 31, 2005 shall constitute a new
Event of Default and nothing contained herein shall constitute any agreement or
inference that such a subsequent Event of Default would be waived or such date
extended.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;<U>Consent</U>.
Subject to satisfaction of each and all of the conditions set forth in Section 5
below, Administrative Agents and Lenders hereby consent to the Suwanee
Sale.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;<U>Conditions of
Effectiveness</U>. This Amendment No. 1, Waiver and Consent shall become
effective as of the date upon which Agent shall have received six (6) copies of
this Amendment No. 1, Waiver and Consent executed by Borrowers, Required Lenders
and each Guarantor. Notwithstanding such effectiveness, the Amendments set forth
in Section 2 hereof, and the Consent set forth in Section 4 hereof, shall not
become effective until the date upon which all of the following further
conditions have been satisfied:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Administrative Agent shall have received a
true and complete copy of the agreement providing for the Suwanee Sale, which
shall be in form and substance satisfactory to US Administrative Agent in its
reasonable discretion;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Administrative Agent shall have received a
true and complete copy of (i) the Georgia Lease and (ii) a Landlord&#146;s
Consent and Waiver in favor of US Administrative Agent executed by the lessor of
the Georgia Leasehold Property, each of which shall be in form and substance
satisfactory to US Administrative Agent in its reasonable discretion;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Event of Default or Default has occurred
and is continuing or would exist, after giving effect to this Amendment No. 1,
Waiver and Consent, the Suwanee Sale and the entering into of the Georgia Lease;
and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSLLC shall have satisfied in full, out of the
cash proceeds of the Suwanee Sale, all Indebtedness secured by the Suwanee Real
Property, the Liens on the Suwanee Real Property securing such Indebtedness
shall have been released and the Net Proceeds of the Suwanee Sale shall have
been remitted to US Administrative Agent for application to the Obligations,
which such sum may thereafter, subject to the terms and conditions of the Credit
Agreement, be reborrowed as US Revolving Loans.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;<U>Release</U>.
Each Borrower hereby releases, remises, acquits and forever discharges each
Lender and Administrative Agent and each Lender&#146;s and Administrative
Agent&#146;s employees, agents, representatives, consultants, attorneys,
fiduciaries, officers, directors, partners, predecessors, successors and
assigns, subsidiary corporations, parent corporations, and related corporate
divisions (all of the foregoing hereinafter called the &#147;Released
Parties&#148;), from any and all actions and causes of action, judgments,
executions, suits, debts, claims, demands, liabilities, obligations, damages and
expenses of any and every character, known or unknown, direct and/or indirect,
at law or in equity, of whatsoever kind or nature, for or because of any matter
or things done, omitted or suffered to be done by any of the Released Parties
prior to and including the date of execution hereof, and in any way directly or
indirectly arising out of or in any way connected to this Amendment No. 1,
Waiver and Consent, the Credit Agreement or the Loan Documents (all of the
foregoing hereinafter called the &#147;Released Matters&#148;). Each Borrower
acknowledges that the agreements in this Section are intended to be in full
satisfaction of all or any alleged injuries or damages arising in connection
with the Released Matters.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;
<U>Representations and Warranties</U>. Borrowers hereby represent and warrant as
follows:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Amendment No. 1, Waiver and Consent, and the Credit Agreement, as amended
hereby, constitute legal, valid and binding obligations of Borrowers and are
enforceable against Borrowers in accordance with their respective
terms.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the effectiveness of this Amendment No. 1, Waiver and Consent, each
Borrower hereby reaffirms all covenants, representations and warranties made in
the Credit Agreement and agree that all such covenants, representations and
warranties shall be deemed to have been remade as of the effective date of this
Amendment No. 1, Waiver and Consent.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No Event of Default or Default has occurred and is continuing or would exist,
after giving effect to this Amendment No. 1, Waiver and Consent. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrowers have no defense, counterclaim or offset with respect to the
Credit Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;<U>Effect on the
Credit Agreement</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon the effectiveness of this Amendment No.
1, Waiver and Consent, each reference in the Credit Agreement to &#147;this
Agreement,&#148; &#147;hereunder,&#148; &#147;hereof,&#148; &#147;herein&#148;
or words of like import shall mean and be a reference to the Credit Agreement as
amended hereby.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as specifically amended herein, the
Credit Agreement, and all other documents, instruments and agreements executed
and/or delivered in connection therewith, shall remain in full force and effect,
and are hereby ratified and confirmed.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The execution, delivery and effectiveness of this Amendment No. 1, Waiver and
Consent shall not operate as a waiver of any right, power or remedy of Agent or
any Lender, nor constitute a waiver of any provision of the Credit Agreement, or
any other documents, instruments or agreements executed and/or delivered under
or in connection therewith.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This
Amendment No. 1, Waiver and Consent shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns and
shall be governed by and construed in accordance with the laws of the State of
New York.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;<U>Headings</U>. Section
headings in this Amendment No. 1, Waiver and Consent are included herein for
convenience of reference only and shall not constitute a part of this Amendment
No. 1, Waiver and Consent for any other purpose.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;<U>Counterparts; Telecopied
Signatures</U>. This Amendment No. 1, Waiver and Consent may be executed by the
parties hereto in one or more counterparts, each of which shall be deemed an
original and all of which taken together shall be deemed to constitute one and
the same agreement. Any signature delivered by a party via telecopier, or
electronically in &#147;pdf&#148; format, shall be deemed to be an original
signature hereto.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>[remainder of page intentionally left blank]<BR>
<BR>
[signature pages follow]</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>IN WITNESS WHEREOF</B>, this Amendment No. 1, Waiver and Consent has been
duly executed as of the day and year first written above. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
SYSTEMAX INC.<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven M. Goldschein<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President<BR>
<BR>
<BR>
SYSTEMAX MANUFACTURING INC.<BR>
GLOBAL COMPUTER SUPPLIES INC.<BR>
GLOBAL EQUIPMENT COMPANY INC.<BR>
TIGERDIRECT, INC.<BR>
DARTEK CORPORATION<BR>
NEXEL INDUSTRIES, INC.<BR>
MISCO AMERICA INC.<BR>
ONREBATE.COM INC.<BR>
PAPIER CATALOGUES, INC.<BR>
CATALOG DATA SYSTEMS, INC.<BR>
MILLENNIUM FALCON CORP.<BR>
TEK SERV INC.<BR>
B.T.S.A., INC.<BR>
PROFIT CENTER SOFTWARE INC.<BR>
GLOBAL GOV/ED SOLUTIONS INC.<BR>
GLOBAL GOVERNMENT &amp; EDUCATION INC.<BR>
SYX DISTRIBUTION INC.<BR>
SYX SERVICES INC.<BR>
ULTRA PRODUCTS INC.<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven M. Goldschein<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President<BR>
<BR>
SYSTEMAX EUROPE LIMITED<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven M. Goldschein<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=CENTER><FONT SIZE=3>(signatures continued on succeeding pages)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
SYSTEMAX SUWANEE LLC<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven M. Goldschein<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Manager<BR>
Title:<BR>
<BR>
<BR>
THE MILLENIUM GROUP LLC<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven M. Goldschein<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT>
JPMORGAN CHASE BANK, N.A., as US Administrative Agent<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:&nbsp;&nbsp;&nbsp;Donna M. DiForio<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President<BR>
<BR>
<BR>
<BR>
J.P. MORGAN EUROPE LIMITED, as UK Administrative Agent<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:<BR>
Title:<BR>
<BR>
CITIBANK N.A., as Lender<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:<BR>
Title:<BR>
<BR>
GENERAL ELECTRIC CAPITAL CORPORATION, as Lender<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:<BR>
Title:<BR>
<BR>
GMAC COMMERCIAL FINANCE LLC, as Lender<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:<BR>
Title:<BR>
<BR>
HSBC BUSINESS CREDIT (USA) INC., as Lender<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:<BR>
Title:</TD>
<TD WIDTH=50%>&nbsp;</TD>
</TR>
</TABLE>
<BR>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>systemax-ex1019_070506.htm
<DESCRIPTION>EX-10.19
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.19</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Center Underline" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><U>INDUSTRIAL LEASE AGREEMENT</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
LEASE AGREEMENT (the &#147;Lease&#148;) is made as of the &#147;Lease Date&#148;
(as defined in Section 37 herein) by and between HAMILTON MILL BUSINESS CENTER,
LLC, a Delaware limited liability company (&#147;Landlord&#148;), and GLOBAL
EQUIPMENT COMPANY, INC., a New York corporation (&#147;Tenant&#148;) (the words
&#147;Landlord&#148; and &#147;Tenant&#148; to include their respective legal
representatives, successors and permitted assigns where the context requires or
permits). </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>W&nbsp;I&nbsp;T&nbsp;N&nbsp;E&nbsp;S&nbsp;S&nbsp;E&nbsp;T&nbsp;H:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>1.</TD>
<TD WIDTH=90%><U>Basic Lease Provisions</U>. The following constitute the basic provisions of
this Lease:</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(a)</TD>
<TD WIDTH=30%>Demised Premises Address: </TD>
<TD WIDTH=55%>2505 Mill Center Parkway, Suite 100<BR>
Buford, Georgia 30518</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(b)</TD>
<TD WIDTH=30%>Demised Premises Square Footage:</TD>
<TD WIDTH=55%>approximately 517,628 sq. ft.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(c)</TD>
<TD WIDTH=30%>Building Square Footage:</TD>
<TD WIDTH=55%>approximately 647,228 sq. ft.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(d)</TD>
<TD WIDTH=30%>Annual Base Rent:</TD>
<TD WIDTH=55%></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%></TD>
<TD WIDTH=15%>Lease Year 1 </TD>
<TD WIDTH=15%>$1,552,884.00<BR>
(annualized)</TD>
<TD WIDTH=50%>(plus the prorated amount for any Fractional
Month per Section 3 hereof, if applicable) [per Section 3 hereof, Lease Year 1
includes 15 months (3 months of free Base Rent, plus the next 12 months after
the Base Rent Commencement Date)]</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT></TD>
<TD WIDTH=15%>Lease Years 2-5 </TD>
<TD WIDTH=15%>$1,552,884.00</TD>
<TD WIDTH=50%></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT></TD>
<TD WIDTH=15%>Lease Years 6-10</TD>
<TD WIDTH=15%>$1,734,054.00</TD>
<TD WIDTH=50%></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(e)</TD>
<TD WIDTH=30%>Monthly Base Rent Installments:</TD>
<TD WIDTH=55%></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT></TD>
<TD WIDTH=15%>Lease Year 1 <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Months 1-3:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Months 4-15:</TD>
<TD WIDTH=15%><BR>$0.00 <BR>$129,407.00</TD>
<TD WIDTH=50%>
(plus the prorated amount for any Fractional Month per Section 3 hereof, if
applicable) </TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT></TD>
<TD WIDTH=15%>Lease Years 2-5<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Months 16-63:</TD>
<TD WIDTH=15%>$129,407.00</TD>
<TD WIDTH=50%></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT></TD>
<TD WIDTH=15%>Lease Years 6-10<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Months 64-123:</TD>
<TD WIDTH=15%> $144,504.50</TD>
<TD WIDTH=50%></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(f)</TD>
<TD WIDTH=30%>Lease Commencement Date:</TD>
<TD WIDTH=55%>May 1, 2006, or any earlier date upon which Tenant commences
business operations from the Demised Premises</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(g)</TD>
<TD WIDTH=30%> Base Rent Commencement Date:</TD>
<TD WIDTH=55%>August 1, 2006</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(h)</TD>
<TD WIDTH=30%>Expiration Date:</TD>
<TD WIDTH=55%>July 31, 2016</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(i)</TD>
<TD WIDTH=85%>Primary Term: One hundred twenty-three (123) months plus, in the
event the Base Rent Commencement Date does not occur on the first (1st) day of a
calendar month, the period from and including the Base Rent Commencement Date to
and including the last day of the calendar month in which the Base Rent
Commencement Date occurs (if applicable, the "Fractional Month")</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(j)</TD>
<TD WIDTH=30%>Tenant's Operating Expense Percentage:</TD>
<TD WIDTH=55%>79.98%</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(k)</TD>
<TD WIDTH=30%>Security Deposit:</TD>
<TD WIDTH=55%>$0.00</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(l)</TD>
<TD WIDTH=30%>Permitted Use:</TD>
<TD WIDTH=55%>Warehouse and distribution, and office, administrative and retail uses
reasonably incidental or ancillary thereto.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(m)</TD>
<TD WIDTH=30%>Address for notice:</TD>
<TD WIDTH=55%></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%></TD>
<TD WIDTH=30%>Landlord:</TD>
<TD WIDTH=55%>
Hamilton Mill Business Center, LLC<BR>
c/o IDI, Inc.<BR>
3424 Peachtree Road, N.E., Suite 1500<BR>
Atlanta, Georgia 30326<BR>
Attn: Manager - Lease Administration</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%></TD>
<TD WIDTH=30%>Tenant:</TD>
<TD WIDTH=55%>
Global Equipment Company, Inc.<BR>
11 Harbor Park Drive<BR>
Port Washington, New York 11050<BR>
Attn: General Counsel</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%></TD>
<TD WIDTH=30%>With a copy to:</TD>
<TD WIDTH=55%>
JPMorgan Chase Bank, N.A.<BR>
1166 Avenue of the Americas, 16th Floor,<BR>
New York, New York, 10036<BR>
Attention: Credit Deputy.</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(n)</TD>
<TD WIDTH=30%>Address for rental payments:</TD>
<TD WIDTH=55%>
Hamilton Mill Business Center, LLC<BR>
c/o IDI Services Group, LLC<BR>
P. O. Box 281464<BR>
Atlanta, Georgia  30384-1464</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(o)</TD>
<TD WIDTH=30%>Broker(s):</TD>
<TD WIDTH=55%>Cushman &amp; Wakefield of Georgia</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>(p)</TD>
<TD WIDTH=30%> Guarantor:</TD>
<TD WIDTH=55%>Systemax, Inc., a Delaware corporation</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;<U>Demised Premises</U>. For and in consideration of the
rent hereinafter reserved and the mutual covenants hereinafter contained,
Landlord does hereby lease and demise unto Tenant, and Tenant does hereby hire,
lease and accept, from Landlord all upon the terms and conditions hereinafter
set forth the following premises, referred to as the &#147;Demised
Premises&#148;, as outlined on <U>Exhibit A</U> attached hereto and incorporated
herein: an agreed upon approximately 517,628 square feet of space, approximately
29,000 square feet of which is office space, having an address as set forth in
Section 1(a), located within Building&nbsp;M (the &#147;Building&#148;), which
contains a total of an agreed upon approximately 647,228 square feet and is
located within Hamilton Mill Business Center (the &#147;Project&#148;), located
in Gwinnett County, Georgia. On or prior to the Lease Commencement Date,
Landlord shall deliver to Tenant a certificate from Landlord&#146;s architect
certifying the square feet of space contained in the Building; <U>provided</U>,
<U>however</U>, that Landlord and Tenant hereby acknowledge and agree that,
notwithstanding the fact that the actual square footage of the Building as set
forth in such certificate may differ from that set forth in Section 1(c) above,
there will be no adjustment to Annual Base Rent or Monthly Base Rent
Installments payable by Tenant hereunder as a result of such
difference.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;<U>Term</U>. To have and to hold the Demised Premises for a
preliminary term (the &#147;Preliminary Term&#148;) commencing on the Lease Date
and ending on the day immediately preceding the Lease Commencement Date as set
forth in Section 1(f), and a primary term (the &#147;Primary Term&#148;)
commencing on the Lease Commencement Date and terminating on the Expiration Date
as set forth in Section 1(h), as the Lease Commencement Date and the Expiration
Date may be revised pursuant to Section 17 (the Preliminary Term, the Primary
Term, and any and all extensions thereof, herein referred to as the
&#147;Term&#148;). The term &#147;Lease Year&#148;, as used in this Lease, shall
mean the 12-month period commencing on the Base Rent Commencement Date, and each
12-month period thereafter during the Term; <I>provided, however,</I> that
(i)&nbsp;if the Base Rent Commencement Date occurs after the Lease Commencement
Date, the first Lease Year will include the period between the Lease
Commencement Date and the Base Rent Commencement Date, and (ii)&nbsp;if the Base
Rent Commencement Date is a day other than the first day of a calendar month,
the first Lease Year shall include the resulting Fractional Month and shall
extend through the end of the twelfth (12th) full calendar month following the
Base Rent Commencement Date.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;<U>Base Rent</U>. Tenant shall pay to Landlord at the
address set forth in Section 1(n), as base rent for the Demised Premises,
commencing on the Base Rent Commencement Date and continuing throughout the Term
in lawful money of the United States, the annual amount set forth in Section
1(d) payable in equal monthly installments as set forth in Section 1(e) (the
&#147;Base Rent&#148;), payable in advance, without demand and without
abatement, reduction, set-off or deduction, on the first day of each calendar
month during the Term. If the Base Rent Commencement Date shall fall on a day
other than the first day of a calendar month, the Base Rent shall be apportioned
pro rata on a per diem basis for the resulting Fractional Month (which pro rata
payment shall be due and payable on the Base Rent Commencement Date). No payment
by Tenant or receipt by Landlord of rent hereunder shall be deemed to be other
than on account of the amount due, and no endorsement or statement on any check
or any letter accompanying any check or payment of rent shall be deemed an
accord and satisfaction, and Landlord may accept such check as payment without
prejudice to Landlord&#146;s right to recover the balance of such installment or
payment of rent or pursue any other remedies available to Landlord.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;&nbsp;<U>Reserved</U>.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;<U>Operating Expenses and Additional Rent</U>.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;
Tenant agrees to pay as Additional Rent (as defined in Section 6(b) below) its
proportionate share of Operating Expenses (as hereinafter defined).
&#147;Operating Expenses&#148; shall be defined as all reasonable expenses for
operation, repair, replacement and maintenance as necessary to keep the Building
and the common areas, driveways, and parking areas associated therewith
(collectively, the &#147;Building Common Area&#148;) fully operational and in
good order, condition and repair, including but not limited to, utilities for
the Building Common Area, expenses associated with the driveways and parking
areas (including sealing and restriping, and trash removal), security systems,
fire detection and prevention systems, lighting facilities, landscaped areas,
walkways, painting and caulking, directional signage, curbs, drainage strips,
sewer lines, all charges assessed against or attributed to the Building pursuant
to any applicable easements, covenants, restrictions, agreements, declaration of
protective covenants or development standards, all real property taxes and
special assessments imposed upon the Building, the Building Common Area and the
land on which the Building and the Building Common Area are constructed, all
costs of insurance paid by Landlord with respect to the Building and the
Building Common Area (including, without limitation, commercially reasonable
deductibles), and costs of improvements to the Building and the Building Common
Area required by any law, ordinance or regulation applicable to the Building and
the Building Common Area generally (and not because of the particular use of the
Building or the Building Common Area by a particular tenant), which cost shall
be amortized on a straight line basis over the useful life of such improvement,
as reasonably determined by Landlord. Operating Expenses shall not include
expenses for the costs of any maintenance and repair required to be performed by
Landlord at its own expense under Section&nbsp;(10)(b). Further, Operating
Expenses shall not include (i) property management fees or (ii) the costs for
capital improvements unless such costs are incurred for the purpose of causing a
material decrease in the Operating Expenses of the Building or the Building
Common Area (in which case such costs shall be amortized on a straight line
basis over the useful life of such capital improvement, as reasonably determined
by Landlord or are incurred with respect to improvements made to comply with
laws, ordinances or regulations as described above. The proportionate share of
Operating Expenses to be paid by Tenant shall be a percentage of the Operating
Expenses based upon the proportion that the square footage of the Demised
Premises bears to the total square footage of the Building (such figure referred
to as &#147;Tenant&#146;s Operating Expense Percentage&#148; and set forth in
Section 1(j)); provided that, as to management fees, Tenant shall pay Landlord
the management fees directly attributable to the Rent (as hereinafter defined)
payable hereunder with respect to the Demised Premises, and not Tenant&#146;s
Operating Expense Percentage of the management fees payable on the entire
Building. Notwithstanding the foregoing, Landlord shall, in Landlord&#146;s
reasonable discretion, have the right to adjust Tenant&#146;s proportionate
share of individual components of Operating Expenses if Tenant&#146;s Operating
Expense Percentage thereof would not equitably allocate to Tenant its share of
such component of Operating Expenses in light of Tenant&#146;s particular use
of, manner of use of and/or level of tenant improvements in the Demised
Premises. Prior to or promptly after the beginning of each calendar year during
the Term, Landlord shall estimate the total amount of Operating Expenses to be
paid by Tenant during each such calendar year and Tenant shall pay to Landlord
one-twelfth (1/12) of such sum on the first day of each calendar month during
each such calendar year, or part thereof, during the Term. Within a reasonable
time after the end of each calendar year, Landlord shall submit to Tenant an
itemized statement of the actual amount of Operating Expenses for such calendar
year, and the actual amount owed by Tenant, and within thirty (30) days after
receipt of such statement, Tenant shall pay any deficiency between the actual
amount owed and the estimates paid during such calendar year, or in the event of
overpayment, Landlord shall credit the amount of such overpayment toward the
next installment of Operating Expenses owed by Tenant or remit such overpayment
to Tenant if the Term has expired or has been terminated and no Event of Default
exists hereunder. The obligations in the immediately preceding sentence shall
survive the expiration or any earlier termination of this Lease. If the Lease
Commencement Date shall fall on other than the first day of the calendar year,
and/or if the Expiration Date shall fall on other than the last day of the
calendar year, Tenant&#146;s proportionate share of the Operating Expenses for
such calendar year shall be apportioned prorata.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Any amounts required to be
paid by Tenant hereunder (in addition to Base Rent) and any charges or expenses
incurred by Landlord on behalf of Tenant under the terms of this Lease shall be
considered &#147;Additional Rent&#148; payable in the same manner and upon the
same terms and conditions as the Base Rent reserved hereunder except as set
forth herein to the contrary (all such Base Rent and Additional Rent sometimes
being referred to collectively herein as &#147;Rent&#148;). Any failure on the
part of Tenant to pay such Additional Rent when and as the same shall become due
shall entitle Landlord to the remedies available to it for non-payment of Base
Rent. Tenant&#146;s obligations for payment of Additional Rent shall begin to
accrue on the Lease Commencement Date regardless of the Base Rent Commencement
Date.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;If applicable in the
jurisdiction where the Demised Premises are located, Tenant shall pay and be
liable for all rental, sales, use and inventory taxes or other similar taxes, if
any, on the amounts payable by Tenant hereunder levied or imposed by any city,
state, county or other governmental body having authority, such payments to be
in addition to all other payments required to be paid to Landlord by Tenant
under the terms of this Lease. Such payment shall be made by Tenant directly to
such governmental body if billed to Tenant, or if billed to Landlord, such
payment shall be paid concurrently with the payment of the Base Rent, Additional
Rent, or such other charge upon which the tax is based, all as set forth
herein.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp;&nbsp;<U>Use of Demised Premises</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;
The Demised Premises shall be used for the Permitted Use set forth in Section
1(l) and for no other purpose.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Tenant will permit no liens
to attach or exist against the Demised Premises, and shall not commit any
waste.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The Demised Premises shall
not be used for any illegal purposes, and Tenant shall not allow, suffer, or
permit any vibration, noise, odor, light or other effect to occur within or
around the Demised Premises that could constitute a nuisance or trespass for
Landlord or any occupant of the Building or an adjoining building, its
customers, agents, or invitees. Upon notice by Landlord to Tenant that any of
the aforesaid prohibited uses are occurring, Tenant agrees to promptly remove or
control the same.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Tenant shall not in any way
violate any law, ordinance or restrictive covenant affecting the Demised
Premises, including specifically, but without limitation, that certain
Declaration of Protective Covenants, Agreements, Easements, Charges and Liens
for Hamilton Mill Business Center dated May 31, 2001 and recorded in Book 23510,
Page 235 of the Gwinnett County, Georgia public records, as amended by that
certain Amendment No. 1 to Declaration of Protective Covenants, Agreements,
Easements, Charges and Liens for Hamilton Mill Business Center, recorded in Deed
Book 24400, Page 183, aforesaid records (as amended from time to time, the
&#147;Protective Covenants&#148;), and shall not in any manner use the Demised
Premises so as to cause cancellation of, prevent the use of, or increase the
rate of, the fire and extended coverage insurance policy required hereunder.
Landlord makes no (and does hereby expressly disclaim any) covenant,
representation or warranty as to the Permitted Use being allowed by or being in
compliance with any applicable laws, rules, ordinances or restrictive covenants
now or hereafter affecting the Demised Premises, and any zoning letters, copies
of zoning ordinances or other information from any governmental agency or other
third party provided to Tenant by Landlord or any of Landlord&#146;s agents or
employees shall be for informational purposes only, Tenant hereby expressly
acknowledging and agreeing that Tenant shall conduct and rely solely on its own
due diligence and investigation with respect to the compliance of the Permitted
Use with all such applicable laws, rules, ordinances and restrictive covenants
and not on any such information provided by Landlord or any of its agents or
employees. Notwithstanding anything herein to the contrary, Landlord represents
and warrants that, as of the Lease Date, the Demised Premises is zoned M-1,
Light Industry under the City of Buford zoning ordinance, and (ii) the Permitted
Use is an allowed use under the Protective Covenants.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;In the event insurance
premiums pertaining to the Demised Premises, the Building, or the Building
Common Area, whether paid by Landlord or Tenant, are increased over the least
hazardous rate available due to the nature of the use of the Demised Premises by
Tenant, Tenant shall pay such additional amount as Additional Rent.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.&nbsp;&nbsp;
<U>Insurance</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Tenant covenants and agrees
that from and after the Lease Commencement Date or any earlier date upon which
Tenant enters or occupies the Demised Premises or any portion thereof, Tenant
will carry and maintain, at its sole cost and expense, the following types of
insurance, in the amounts specified and in the form hereinafter provided
for:</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;
Liability insurance in the Commercial General Liability form (including Broad
Form Property Damage and Contractual Liabilities or reasonable equivalent
thereto) covering the Demised Premises and Tenant&#146;s use thereof against
claims for bodily injury or death, property damage and product liability
occurring upon, in or about the Demised Premises, such insurance to be written
on an occurrence basis (not a claims made basis), to be in combined single
limits amounts not less than $3,000,000.00 and to have general aggregate limits
of not less than $10,000,000.00 for each policy year. The insurance coverage
required under this Section 8(a)(i) shall, in addition, extend to any liability
of Tenant arising out of the indemnities provided for in Section 11 and, if
necessary, the policy shall contain a contractual endorsement to that
effect.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;
Insurance covering (A) all of the items included in the leasehold improvements
constructed in the Demised Premises by or at the expense of Landlord
(collectively, the &#147;Improvements&#148;), including but not limited to
demising walls and the heating, ventilating and air conditioning system and (B)
Tenant&#146;s trade fixtures, merchandise and personal property from time to
time in, on or upon the Demised Premises, in an amount not less than one hundred
percent (100%) of their full replacement value from time to time during the
Term, providing protection against perils included within the standard form of
&#147;Special Form&#148; fire and casualty insurance policy, together with
insurance against sprinkler damage, vandalism and malicious mischief. Any policy
proceeds from such insurance relating to the Improvements shall be used solely
for the repair, construction and restoration or replacement of the Improvements
damaged or destroyed unless this Lease shall cease and terminate under the
provisions of Section&nbsp;20.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;All policies of the
insurance provided for in Section&nbsp;8(a) shall be issued in form reasonably
acceptable to Landlord by insurance companies with a rating of not less than
&#147;A,&#148; and financial size of not less than Class&nbsp;XII, in the most
current available &#147;Best&#146;s Insurance Reports&#148;, and licensed to do
business in the state in which the Building is located. Each and every such
policy:</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;
shall name Landlord, Lender (as defined in Section 24), and any other party
reasonably designated by Landlord, as an additional insured. In addition, the
coverage described in Section&nbsp;8(a)(ii)(A) relating to the Improvements
shall also name Landlord as &#147;loss payee&#148;;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;
shall be delivered to Landlord, in the form of an insurance certificate
acceptable to Landlord as evidence of such policy, prior to the Lease
Commencement Date and thereafter within thirty (30) days prior to the expiration
of each such policy, and, as often as any such policy shall expire or terminate.
Renewal or additional policies shall be procured and maintained by Tenant in
like manner and to like extent;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;
shall contain a provision that the insurer will give to Landlord and such other
parties in interest at least thirty (30) days notice in writing in advance of
any material change, cancellation, termination or lapse, or the effective date
of any reduction in the amounts of insurance; and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;
shall be written as a primary policy which does not contribute to and is not in
excess of coverage which Landlord may carry.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;In the event that Tenant
shall fail to carry and maintain the insurance coverages set forth in this
Section 8, Landlord may upon thirty (30) days notice to Tenant (unless such
coverages will lapse in which event no such notice shall be necessary) procure
such policies of insurance and Tenant shall promptly reimburse Landlord
therefor.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Notwithstanding anything to
the contrary contained in this Lease, Landlord and Tenant hereby waive any
rights each may have against the other on account of any loss or damage
occasioned to Landlord or Tenant, as the case may be, their respective property,
the Demised Premises, its contents or to the other portions of the Building,
arising from any risk covered by &#147;Special Form&#148; fire and extended
coverage insurance of the type and amount required to be carried hereunder,
provided that such waiver does not invalidate such policies or prohibit recovery
thereunder. The parties hereto shall cause their respective insurance companies
insuring the property of either Landlord or Tenant against any such loss, to
waive any right of subrogation that such insurers may have against Landlord or
Tenant, as the case may be.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.&nbsp;&nbsp;<U>Utilities</U>. During the Term, Tenant shall promptly pay
as billed to Tenant all rents and charges for water and sewer services and all
costs and charges for gas, steam, electricity, fuel, light, power, telephone,
heat and any other utility or service used or consumed in or servicing the
Demised Premises and all other costs and expenses involved in the care,
management and use thereof as charged by the applicable utility companies. All
such utilities, except for sewer and water, shall be separately metered and
billed to Tenant, and Tenant shall establish an account with the utility
provider with respect to each such separately metered utility. Sewer and water
shall not be separately metered, and shall be billed to Tenant by Landlord, at
Landlord&#146;s actual cost, in an amount equal to a reasonable estimation of
such utilities actually used by Tenant. Tenant&#146;s obligation for payment of
all utilities shall commence on the earlier of the Lease Commencement Date or
the date of Tenant&#146;s actual occupancy of all or any portion of the Demised
Premises, including any period of occupancy prior to the Lease Commencement
Date, regardless of whether or not Tenant conducts business operations during
such period of occupancy. In the event Tenant&#146;s use of any utility not
separately metered is in excess of the average use by other tenants, Landlord
shall have the right to install a meter for such utility, at Tenant&#146;s
expense, and bill Tenant for Tenant&#146;s actual use. If Tenant fails to pay
any utility bills or charges, Landlord may, at its option and upon reasonable
notice to Tenant, pay the same and in such event, the amount of such payment,
together with interest thereon at the Interest Rate as defined in Section 32
from the date of such payment by Landlord, will be added to Tenant&#146;s next
payment due as Additional Rent.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.&nbsp;&nbsp;<U>Maintenance and Repairs</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Tenant shall, at its own
cost and expense, maintain in good condition and repair and replace as necessary
the interior of the Demised Premises, including but not limited to the heating,
air conditioning and ventilation systems, glass, windows and doors, sprinkler,
all plumbing and sewage systems, fixtures, interior walls, floors (including
floor slabs except as provided for in Section 10(b) below), ceilings,
storefronts, plate glass, skylights, all electrical facilities and equipment
including, without limitation, lighting fixtures, lamps, fans and any exhaust
equipment and systems, electrical motors, and all other appliances and equipment
(including, without limitation, dock levelers, dock shelters, dock seals and
dock lighting) of every kind and nature located in, upon or about the Demised
Premises, except as to such maintenance, repair and replacement as is the
obligation of Landlord pursuant to Section 10(b). During the Term, Tenant shall
maintain in full force and effect a service contract for the maintenance of the
heating, ventilation and air conditioning systems with an entity reasonably
acceptable to Landlord; provided, however, that during the one year period
following the Lease Commencement Date, such service contract shall be maintained
with the contractor that installed the heating, ventilation and air conditioning
systems and shall provide for at least two preventive maintenance service calls
during such one year period. Tenant shall deliver to Landlord (i) a copy of said
service contract prior to the Lease Commencement Date, and (ii) thereafter, a
copy of a renewal or substitute service contract within thirty (30) days prior
to the expiration of the existing service contract. Tenant&#146;s obligation
shall exclude any maintenance, repair and replacement required because of the
act or negligence of Landlord, its employees, contractors or agents, which shall
be the responsibility of Landlord.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Landlord shall, at its own
cost and expense, maintain in good condition and repair the foundation (beneath
the floor slab except as hereinafter set forth), the roof and structural frame
of the Building. In addition, Landlord shall be responsible for damage to the
floor slab caused by defect in the foundation or structural frame of the
Building, specifically excluding, however, damage caused by the use of the floor
or Demised Premises by Tenant or any Tenant&#146;s Affiliates. Landlord&#146;s
obligation shall exclude the cost of any maintenance or repair required because
of the act or negligence of Tenant or any of Tenant&#146;s subsidiaries or
affiliates, or any of Tenant&#146;s or such subsidiaries&#146; or
affiliates&#146; agents, contractors, employees, licensees or invitees
(collectively, &#147;Tenant&#146;s Affiliates&#148;), the cost of which shall be
the responsibility of Tenant. Landlord shall never have any obligation to
repair, maintain or replace, pursuant to this subsection 10(b) or any other
provision of this Lease, any Tenant&#146;s Change (as defined in Section 18
hereof).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Unless the same is caused
solely by the negligent action or inaction of Landlord, its employees or agents,
and is not covered by the insurance required to be carried by Tenant pursuant to
the terms of this Lease, Landlord shall not be liable to Tenant or to any other
person for any damage occasioned by failure in any utility system or by the
bursting or leaking of any vessel or pipe in or about the Demised Premises, or
for any damage occasioned by water coming into the Demised Premises or arising
from the acts or neglects of occupants of adjacent property or the
public.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.&nbsp;&nbsp;<U>Tenant&#146;s Personal Property; Indemnity</U>. All of
Tenant&#146;s personal property in the Demised Premises shall be and remain at
Tenant&#146;s sole risk. Landlord, its agents, employees and contractors, shall
not be liable for, and Tenant hereby releases Landlord from, any and all
liability for theft thereof or any damage thereto occasioned by any act of God
or by any acts, omissions or negligence of any persons. Landlord, its agents,
employees and contractors, shall not be liable for any injury to the person or
property of Tenant or other persons in or about the Demised Premises, Tenant
expressly agreeing to indemnify and save Landlord, its agents, employees and
contractors, harmless, in all such cases, except, in the case of personal injury
only, to the extent caused by the negligence of Landlord, its agents, employees
and contractors. Tenant further agrees to indemnify and reimburse Landlord for
any costs or expenses, including, without limitation, attorneys&#146; fees, that
Landlord reasonably may incur in investigating, handling or litigating any such
claim against Landlord by a third person, unless such claim arose from the
negligence of Landlord, its agents, employees or contractors. The provisions of
this Section 11 shall survive the expiration or earlier termination of this
Lease with respect to any damage, injury or death occurring before such
expiration or termination.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
12.&nbsp;&nbsp;<U>Tenant&#146;s Fixtures</U>. Without requiring
compliance with Section 18 hereof, Tenant shall have the right to install in the
Demised Premises trade fixtures required by Tenant or used by it in its
business, and if installed by Tenant, to remove any or all such trade fixtures
from time to time during and upon termination or expiration of this Lease,
<U>provided</U>, <U>however</U>, that Tenant shall repair and restore any damage
or injury to the Demised Premises (to the condition in which the Demised
Premises existed prior to such installation), normal wear and tear excepted,
caused by the installation and/or removal of any such trade fixtures.
Notwithstanding the foregoing, Landlord acknowledges and agrees that
Tenant&#146;s racking will be anchored to the concrete floor slab of the Demised
Premises and upon vacating the Demised Premises these anchors will be cut flush
with the slab and not removed or filled.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13.&nbsp;&nbsp;<U>Signs</U>. No sign, advertisement or notice shall be
inscribed, painted, affixed, or displayed on the windows or exterior walls of
the Demised Premises or on any public area of the Building, except in such
places, numbers, sizes, colors and styles as are approved in advance in writing
by Landlord, which approval shall not be unreasonably withheld or delayed and
which conform to all applicable laws, ordinances, or covenants affecting the
Demised Premises, including, without limitation, the Protective Covenants. Any
and all signs installed or constructed by or on behalf of Tenant pursuant hereto
shall be installed, maintained and removed by Tenant at Tenant&#146;s sole cost
and expense.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;
<U>Waiver of Landlord&#146;s Lien</U>. Landlord waives any statutory liens and
any rights of distraint with respect to Tenant&#146;s inventory and property.
This lease does not grant a contractual lien or any other express or implied
security interest to Landlord with respect to Tenant&#146;s inventory or
property. Landlord acknowledges that pursuant to a security agreement between
the Tenant and Tenant&#146;s lenders including JP Morgan Chase Bank (the
&#147;Lenders), the Lenders have a security interest in Tenant&#146;s inventory
and other property. Upon execution of this Lease, the Landlord agrees to execute
the Landlord Waiver and Consent in the form attached hereto as <U>Exhibit G</U>
and by this reference made a part hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
15.&nbsp;&nbsp;<U>Governmental Regulations</U>. Tenant shall promptly
comply throughout the Term, at Tenant&#146;s sole cost and expense, with all
present and future laws, ordinances, orders, rules, regulations or requirements
of all federal, state and municipal governments and appropriate departments,
commissions, boards and officers thereof (collectively, &#147;Governmental
Requirements&#148;) relating to (a) all or any part of the Demised Premises, and
(b) the use or manner of use of the Demised Premises and the Building Common
Area. Tenant shall also observe and comply with the requirements of all policies
of public liability, fire and other policies of insurance at any time in force
with respect to the Demised Premises. Without limiting the foregoing, if as a
result of one or more Governmental Requirements it is necessary, from time to
time during the Term, to perform an alteration or modification of the Demised
Premises, the Building or the Building Common Area (a &#147;Code
Modification&#148;) which is made necessary as a result of the specific use
being made by Tenant of the Demised Premises or a Tenant&#146;s Change, then
such Code Modification shall be the sole and exclusive responsibility of Tenant
in all respects; any such Code Modification shall be promptly performed by
Tenant at its expense in accordance with the applicable Governmental Requirement
and with Section 18 hereof. If as a result of one or more Governmental
Requirements it is necessary from time to time during the Term to perform a Code
Modification which (i) would be characterized as a capital expenditure under
generally accepted accounting principles and (ii)&nbsp;is not made necessary as
a result of the specific use being made by Tenant of the Demised Premises (as
distinguished from an alteration or modification which would be required to be
made by the owner of any warehouse-office building comparable to the Building
irrespective of the use thereof by any particular occupant) or a Tenant&#146;s
Change, then (a) Landlord shall have the obligation to perform the Code
Modification at its expense, (b) the cost of such Code Modification shall be
amortized on a straight-line basis over the useful life of the item in question,
as reasonably determined by Landlord, and (c) Tenant shall be obligated to pay
(as Additional Rent, payable in the same manner and upon the same terms and
conditions as the Base Rent reserved hereunder) for (i) Tenant&#146;s
proportionate share (based on Tenant&#146;s Operating Expense Percentage) of the
portion of such amortized costs attributable to the remainder of the Term,
including any extensions thereof, with respect to any Code Modification
respecting the Building or the Building Common Area, and (ii) the entire portion
of such amortized costs attributable to the remainder of the Term, including any
extensions thereof, with respect to any Code Modification respecting the Demised
Premises. Tenant shall promptly send to Landlord a copy of any written notice
received by Tenant requiring a Code Modification.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
16.&nbsp;&nbsp;<U>Environmental Matters</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;For purposes of this
Lease:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;
&#147;Contamination&#148; as used herein means the presence of or release of
Hazardous Substances (as hereinafter defined) into any environmental media from,
upon, within, below, into or on any portion of the Demised Premises, the
Building, the Building Common Area or the Project so as to require remediation,
cleanup or investigation under any applicable Environmental Law (as hereinafter
defined).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;
&#147;Environmental Laws&#148; as used herein means all federal, state, and
local laws, regulations, orders, permits, ordinances or other requirements,
which exist now or as may exist hereafter, concerning protection of human
health, safety and the environment, all as may be amended from time to time
including, without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act, 42 U.S.C. 9601 et seq. (&#147;CERCLA&#148;) and
the Resource Conservation and Recovery Act, 42 U.S.C. 6901 et seq.
(&#147;RCRA&#148;).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iii)&nbsp;&nbsp;&nbsp;&#147;Hazardous Substances&#148; as used herein means
any hazardous or toxic substance, material, chemical, pollutant, contaminant or
waste as those terms are defined by any applicable Environmental Laws and any
solid wastes, polychlorinated biphenyls, urea formaldehyde, asbestos,
radioactive materials, radon, explosives, petroleum products and oil.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Landlord represents that,
except as revealed to Tenant in writing by Landlord, to Landlord&#146;s actual
knowledge, Landlord has not treated, stored or disposed of any Hazardous
Substances upon or within the Demised Premises, nor, to Landlord&#146;s actual
knowledge, has any predecessor owner of the Demised Premises.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Tenant covenants that all
its activities, and the activities of Tenant&#146;s Affiliates (as defined in
Section 10(b)), on the Demised Premises, the Building, or the Project during the
Term will be conducted in compliance with Environmental Laws. Tenant warrants
that to its actual knowledge it is currently in compliance with all applicable
Environmental Laws and that there are no pending or threatened notices of
deficiency, notices of violation, orders, or judicial or administrative actions
involving alleged violations by Tenant of any Environmental Laws. Tenant, at
Tenant&#146;s sole cost and expense, shall be responsible for obtaining all
permits or licenses or approvals under Environmental Laws necessary for
Tenant&#146;s operation of its business on the Demised Premises and shall make
all notifications and registrations required by any applicable Environmental
Laws. Tenant, at Tenant&#146;s sole cost and expense, shall at all times comply
with the terms and conditions of all such permits, licenses, approvals,
notifications and registrations and with any other applicable Environmental Laws
affecting in any way the Demised Premises. Tenant warrants that it has obtained
or will obtain by the Lease Commencement Date all such permits, licenses or
approvals and has made or will make by the Lease Commencement Date all such
notifications and registrations required by any applicable Environmental Laws
necessary for Tenant&#146;s operation of its business on the Demised
Premises.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Tenant shall not cause or
permit any Hazardous Substances to be brought upon, kept or used in or about the
Demised Premises, the Building, or the Project without the prior written consent
of Landlord, which consent shall not be unreasonably withheld; <U>provided</U>,
<U>however</U>, that the consent of Landlord shall not be required for the use
at the Demised Premises of cleaning supplies, toner for photocopying machines
and other similar materials, in containers and quantities reasonably necessary
for and consistent with normal and ordinary use by Tenant in the routine
operation or maintenance of Tenant&#146;s office equipment or in the routine
janitorial service, cleaning and maintenance for the Demised Premises. For
purposes of this Section 16, Landlord shall be deemed to have reasonably
withheld consent if Landlord determines that the presence of such Hazardous
Substance within the Demised Premises could result in a risk of harm to person
or property or otherwise negatively affect the value or marketability of the
Building or the Project.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Tenant shall not cause or
permit the release of any Hazardous Substances by Tenant or Tenant&#146;s
Affiliates into any environmental media such as air, water or land, or into or
on the Demised Premises, the Building or the Project in any manner that violates
any Environmental Laws. If such release shall occur, Tenant shall (i)&nbsp;take
all steps reasonably necessary to contain and control such release and any
associated Contamination, (ii)&nbsp;clean up or otherwise remedy such release
and any associated Contamination to the extent required by, and take any and all
other actions required under, applicable Environmental Laws and
(iii)&nbsp;notify and keep Landlord reasonably informed of such release and
response.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;Regardless of any consents
granted by Landlord pursuant to Section 16(d) allowing Hazardous Substances upon
the Demised Premises, Tenant shall under no circumstances whatsoever cause or
permit (i)&nbsp;any activity on the Demised Premises which would cause the
Demised Premises to become subject to regulation as a hazardous waste treatment,
storage or disposal facility under RCRA or the regulations promulgated
thereunder, (ii)&nbsp;the discharge of Hazardous Substances into the storm sewer
system serving the Project or (iii)&nbsp;the installation of any underground
storage tank or underground piping on or under the Demised Premises.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;Tenant shall and hereby does
indemnify Landlord and hold Landlord harmless from and against any and all
reasonable and actual expense, loss, and liability suffered by Landlord (except
to the extent that such expenses, losses, and liabilities arise out of
Landlord&#146;s own negligence or willful act), by reason of the storage,
generation, release, handling, treatment, transportation, disposal, or
arrangement for transportation or disposal, of any Hazardous Substances (whether
accidental, intentional, or negligent) by Tenant or Tenant&#146;s Affiliates or
by reason of Tenant&#146;s breach of any of the provisions of this Section 16.
Such expenses, losses and liabilities shall include, without limitation,
(i)&nbsp;any and all expenses that Landlord may incur to comply with any
Environmental Laws; (ii)&nbsp;any and all costs that Landlord may incur in
studying or remedying any Contamination at or arising from the Demised Premises,
the Building, or the Project; (iii)&nbsp;any and all costs that Landlord may
incur in studying, removing, disposing or otherwise addressing any Hazardous
Substances; (iv)&nbsp;any and all fines, penalties or other sanctions assessed
upon Landlord; and (v)&nbsp;any and all reasonable legal and professional fees
and costs incurred by Landlord in connection with the foregoing. The indemnity
contained herein shall survive the expiration or earlier termination of this
Lease.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;17.&nbsp;&nbsp;
<U>Construction of Demised Premises</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Within thirty (30) days
after the Lease Date, Landlord shall prepare, at Landlord&#146;s sole cost and
expense, and submit to Tenant a set of plans and specifications and/or
construction drawings (collectively, the &#147;Plans and Specifications&#148;)
based on the preliminary plans and specifications and/or preliminary floor plans
set forth on <U>Exhibit B</U> attached hereto and incorporated herein, covering
all work to be performed by Landlord in constructing the Improvements (as
defined in Section 8(a)(ii)). Tenant shall have ten (10) days after receipt of
the Plans and Specifications in which to review and to give to Landlord written
notice of its approval of the Plans and Specifications or its requested changes
to the Plans and Specifications. Tenant shall have no right to request any
changes to the Plans and Specifications which would materially alter either the
Demised Premises or the exterior appearance or basic nature of the Building, as
the same are contemplated by the Preliminary Plans. If Tenant fails to approve
or request changes to the Plans and Specifications by ten (10) days after its
receipt thereof, then Tenant shall be deemed to have approved the Plans and
Specifications and the same shall thereupon be final. If Tenant requests any
changes to the Plans and Specifications, Landlord shall make those changes which
are reasonably requested by Tenant and shall within ten (10) days of its receipt
of such request submit the revised portion of the Plans and Specifications to
Tenant. Tenant may not thereafter disapprove the revised portions of the Plans
and Specifications unless Landlord has unreasonably failed to incorporate
reasonable comments of Tenant and, subject to the foregoing, the Plans and
Specifications, as modified by said revisions, shall be deemed to be final upon
the submission of said revisions to Tenant. Tenant shall at all times in its
review of the Plans and Specifications, and of any revisions thereto, act
reasonably and in good faith. Tenant acknowledges that the Improvements are
being constructed on a &#147;fast track&#148; basis and that Landlord shall have
the right and option to submit various parts of the proposed Plans and
Specifications from time to time during said thirty (30) day period and the time
period for approval of any part of the proposed Plans and Specifications shall
commence upon receipt of each submission. After Tenant has approved the Plans
and Specifications or the Plans and Specifications have otherwise been finalized
pursuant to the procedures set forth hereinabove, any subsequent changes to the
Plans and Specifications requested by Tenant (herein referred to as a
&#147;Change Order&#148;) shall be at Tenant&#146;s sole cost and expense and
subject to Landlord&#146;s written approval, which approval shall not be
unreasonably withheld, conditioned or delayed. In the event Landlord approves
any such requested Change Order, Landlord shall give written notice thereof to
Tenant, which notice will specify the Change Order approved by Landlord as well
as the estimated incremental cost thereof. The cost to Tenant for Change Orders
shall be Landlord&#146;s incremental cost plus ten percent (10%) of such amount
as Landlord&#146;s overhead. Tenant acknowledges and agrees that Landlord shall
be under no obligation to proceed with any work related to the approved Change
Order unless and until Tenant delivers to Landlord an amount equal to the full
estimated incremental cost of such approved Change Order as set forth in
Landlord&#146;s notice. When the final incremental cost of any such Change Order
has been determined and incurred, Landlord and Tenant each agree to pay or
refund the amounts owed to the other with respect to such Change Order, based on
the estimated payment made to Landlord. If after the Plans and Specifications
have been finalized pursuant to the procedures set forth hereinabove Tenant
requests a Change Order or any further changes to the Plans and Specifications
and, as a result thereof, Substantial Completion (as hereinafter defined) of the
Improvements is delayed, then for purposes of establishing the Lease
Commencement Date and any other date tied to the date of Substantial Completion,
Substantial Completion shall be deemed to mean the date when Substantial
Completion would have been achieved but for such Tenant delay.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Landlord shall use
reasonable speed and diligence to Substantially Complete the Improvements, at
Landlord&#146;s sole cost and expense, and have the Demised Premises ready for
occupancy on or before the anticipated Lease Commencement Date of May 1, 2006
set forth in Section 1(f). If the Demised Premises are not Substantially
Complete on that date, such failure to complete shall not in any way affect the
obligations of Tenant hereunder except that the Lease Commencement Date, the
Base Rent Commencement Date, and the Expiration Date shall be postponed one day
for each day Substantial Completion is delayed until the Demised Premises are
Substantially Complete, unless the delay is caused by Tenant&#146;s failure to
approve the Plans and Specifications as set forth in Section 17(a), by change
orders requested by Tenant after approval of the Plans and Specifications or by
any other act or omission of Tenant or Tenant&#146;s Affiliates (collectively,
&#147;Tenant Delay&#148;). Additionally, and only on the condition that
Hewlett-Packard Company completes the purchase of the building located at 120
Satellite Blvd, Suwanee, GA from Tenant&#146;s affiliate, Systemax Suwanee LLC,
if Landlord is unable to Substantially Complete the Demised Premises for
occupancy by Tenant on or before June 15, 2006, as such date shall be extended
by Delay (as defined below) (the &#147;Outside Date&#148;), then, from and after
the adjusted Base Rent Commencement Date, Tenant shall receive a credit against
Base Rent equal to $7,500.00 for each day Substantial Completion was delayed
beyond the Outside Date (excluding any days of Tenant Delay) until said credit
is fully realized by Tenant, as its sole remedy. For purposes of this Lease,
&#147;Delay&#148; shall mean delays incurred (i) by reason of Tenant Delay and
(ii) for such additional time as is equal to the time lost by Landlord or
Landlord&#146;s contractors or suppliers in connection with the performance of
Landlord&#146;s work and/or the construction of the Building and related
improvements not within the control of Landlord due to strikes or other labor
troubles, governmental restrictions and limitations, war or other national
emergency, non-availability of materials or supplies, delay in transportation,
accidents, floods, fire, damage or other casualties, weather or other
conditions, delays by utility companies in bringing utility lines to the Demised
Premises and other matters not within the reasonable control of Landlord. Except
as expressly set forth herein, no liability whatsoever shall arise or accrue
against Landlord by reason of its failure to deliver or afford possession of the
Demised Premises, and Tenant hereby releases and discharges Landlord from and of
any claims for damage, loss, or injury of every kind whatsoever as if this Lease
were never executed.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Upon Substantial Completion
of the Demised Premises, a representative of Landlord and a representative of
Tenant together shall inspect the Demised Premises and generate a punchlist of
defective or uncompleted items relating to the completion of construction of the
Improvements (the &#147;Punchlist&#148;). Landlord shall, within a reasonable
time after the Punchlist is prepared and agreed upon by Landlord and Tenant,
complete such incomplete work and remedy such defective work as is set forth on
the Punchlist. All construction work performed by Landlord shall be deemed
approved by Tenant in all respects except for items of said work which are not
completed or do not conform to the Plans and Specifications and which are
included on the Punchlist.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Within forty-five (45) days
after Substantial Completion of the Demised Premises, Landlord shall provide
Tenant with copies of as-built architectural, structural, civil, electrical,
plumbing, mechanical HVAC, fire protection and landscaping plans.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Landlord hereby warrants to
Tenant, which warranty shall survive for the one (1) year period following the
Lease Commencement Date, that (i) the materials and equipment furnished by
Landlord&#146;s contractors in the completion of the Improvements will be of
good quality and new, and (ii) such materials and equipment and the work of such
contractors shall be free from defects not inherent in the quality required or
permitted hereunder. This warranty shall exclude damages or defects caused by
Tenant or Tenant&#146;s Affiliates, improper or insufficient maintenance,
improper operation, and normal wear and tear under normal usage.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;For purposes of this Lease,
the term &#147;Substantial Completion&#148; (or any variation thereof) shall
mean completion of construction of the Improvements in accordance with the Plans
and Specifications, subject only to Punchlist items established pursuant to
Section&nbsp;17(c), as established by the delivery by Landlord to Tenant of a
certificate of occupancy or its equivalent (or temporary certificate of
occupancy or its equivalent) for the Demised Premises issued by the appropriate
governmental authority, if a certificate is so required by a governmental
authority, or if not so required or if unavailable because of unfinished work to
be performed by Tenant, then by the delivery by Landlord to Tenant of a
Certificate of Substantial Completion for the Improvements on Standard AIA Form
G-704 certified by Landlord&#146;s architect. In the event Substantial
Completion is delayed because of Tenant&#146;s failure to approve the Plans and
Specifications as set forth in Section 17(a), by change orders requested by
Tenant after approval of the Plans and Specifications or by any other delay
caused by Tenant or Tenant&#146;s Affiliates, then for the purpose of
establishing the Lease Commencement Date and any other date tied to the date of
Substantial Completion, Substantial Completion shall be deemed to mean the date
when Substantial Completion would have been achieved but for such
delay.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;18.&nbsp;&nbsp;
<U>Tenant Alterations and Additions</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Except for non-structural
changes costing less than $25,000.00 individually, and $150,000.00 in the
aggregate over the Term, Tenant shall not make or permit to be made any
alterations, improvements, or additions to the Demised Premises (a
&#147;Tenant&#146;s Change&#148;), without first obtaining on each occasion
Landlord&#146;s prior written consent (which consent Landlord agrees not to
unreasonably withhold, condition or delay) and Lender&#146;s prior written
consent (if such consent is required). As part of its approval process, Landlord
may require that Tenant submit plans and specifications to Landlord, for
Landlord&#146;s approval or disapproval, which approval shall not be
unreasonably withheld. All Tenant&#146;s Changes shall be performed in
accordance with all legal requirements applicable thereto and in a good and
workmanlike manner with first-class materials. Tenant shall maintain insurance
reasonably satisfactory to Landlord during the construction of all Tenant&#146;s
Changes. If Landlord at the time of giving its approval to any Tenant&#146;s
Change notifies Tenant in writing that approval is conditioned upon restoration,
then Tenant shall, at its sole cost and expense and at Landlord&#146;s option
upon the termination or expiration of this Lease, remove the same and restore
the Demised Premises to its condition prior to such Tenant&#146;s Change. No
Tenant&#146;s Change shall be structural in nature or impair the structural
strength of the Building or reduce its value. Tenant shall pay the full cost of
any Tenant&#146;s Change and shall give Landlord such reasonable security as may
be requested by Landlord to insure payment of such cost. Except as otherwise
provided herein and in Section 12, all Tenant&#146;s Changes and all repairs and
all other property attached to or installed on the Demised Premises by or on
behalf of Tenant shall immediately upon completion or installation thereof be
and become part of the Demised Premises and the property of Landlord without
payment therefor by Landlord and shall be surrendered to Landlord upon the
expiration or earlier termination of this Lease. Notwithstanding anything herein
to the contrary, the term &#147;Tenant&#146;s Change&#148; shall not be
construed to include the initial Improvements to be constructed by Landlord
pursuant to this Lease in accordance with Exhibit B hereto.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;To the extent permitted by
law, all of Tenant&#146;s contracts and subcontracts for such Tenant&#146;s
Changes shall provide that no lien shall attach to or be claimed against the
Demised Premises or any interest therein other than Tenant&#146;s leasehold
interest in the Demised Premises, and that all subcontracts let thereunder shall
contain the same provision. Whether or not Tenant furnishes the foregoing,
Tenant agrees to hold Landlord harmless from, and defend against (with legal
counsel acceptable to Landlord) all liens, claims and liabilities of every kind,
nature and description which may arise out of or in any way be connected with
such work. Tenant shall not permit the Demised Premises to become subject to any
mechanics&#146;, laborers&#146; or materialmen&#146;s lien on account of labor,
material or services furnished to Tenant or claimed to have been furnished to
Tenant in connection with work of any character performed or claimed to have
been performed for the Demised Premises by, or at the direction or sufferance of
Tenant and if any such liens are filed against the Demised Premises, Tenant
shall promptly discharge the same; <U>provided</U>, <U>however</U>, that Tenant
shall have the right to contest, in good faith and with reasonable diligence,
the validity of any such lien or claimed lien if Tenant shall give to Landlord,
within fifteen days after demand, such security as may be reasonably
satisfactory to Landlord to assure payment thereof and to prevent any sale,
foreclosure, or forfeiture of Landlord&#146;s interest in the Demised Premises
by reason of non-payment thereof; provided further that on final determination
of the lien or claim for lien, Tenant shall immediately pay any judgment
rendered, with all proper costs and charges, and shall have the lien released
and any judgment satisfied. If Tenant fails to post such security or does not
diligently contest such lien, Landlord may, without investigation of the
validity of the lien claim, discharge such lien and Tenant shall reimburse
Landlord upon demand for all costs and expenses incurred in connection
therewith, which expenses shall include any attorneys&#146; fees,
paralegals&#146; fees and any and all costs associated therewith, including
litigation through all trial and appellate levels and any costs in posting bond
to effect a discharge or release of the lien. Nothing contained in this Lease
shall be construed as a consent on the part of Landlord to subject the Demised
Premises to liability under any lien law now or hereafter existing of the state
in which the Demised Premises are located.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
19.&nbsp;&nbsp;<U>Services by Landlord</U>. Landlord shall be responsible
for providing for maintenance of the Building Common Area, and, except as
required by Section 10(b) hereof or as otherwise specifically provided for
herein, Landlord shall be responsible for no other services whatsoever. Tenant,
by payment of Tenant&#146;s share of the Operating Expenses, shall pay
Tenant&#146;s pro rata share of the expenses incurred by Landlord
hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
20.&nbsp;&nbsp;<U>Fire and Other Casualty</U>. In the event the Demised
Premises are damaged by fire or other casualty insured by Landlord, Landlord
agrees to promptly restore and repair the Demised Premises at Landlord&#146;s
expense, including the Improvements to be insured by Tenant, but only to the
extent Landlord receives insurance proceeds therefor, including the proceeds
from the insurance required to be carried by Tenant on the Improvements.
Notwithstanding the foregoing, in the event that the Demised Premises are
(i)&nbsp;in the reasonable opinion of Landlord, so destroyed that they cannot be
repaired or rebuilt within two hundred seventy (270) days after the date of such
damage; or (ii)&nbsp;destroyed by a casualty which is not covered by
Landlord&#146;s insurance, or if such casualty is covered by Landlord&#146;s
insurance but Lender or other party entitled to insurance proceeds fails to make
such proceeds available to Landlord in an amount sufficient for restoration of
the Demised Premises, then Landlord shall give written notice to Tenant of such
determination (the &#147;Determination Notice&#148;) within sixty (60) days of
such casualty. Either Landlord or Tenant may terminate and cancel this Lease
effective as of the date of such casualty by giving written notice to the other
party within thirty (30) days after Tenant&#146;s receipt of the Determination
Notice. Upon the giving of such termination notice, all obligations hereunder
with respect to periods from and after the effective date of termination shall
thereupon cease and terminate. If no such termination notice is given, Landlord
shall, to the extent of the available insurance proceeds, make such repair or
restoration of the Demised Premises to the approximate condition existing prior
to such casualty, promptly and in such manner as not to unreasonably interfere
with Tenant&#146;s use and occupancy of the Demised Premises (if Tenant is still
occupying the Demised Premises). Base Rent and Additional Rent shall
proportionately abate during the time that the Demised Premises or any part
thereof are unusable by reason of any such damage thereto.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;21.&nbsp;&nbsp;<U>Condemnation</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;If all of the Demised
Premises is taken or condemned for a public or quasi-public use, or if a
material portion of the Demised Premises is taken or condemned for a public or
quasi-public use and the remaining portion thereof is not usable by Tenant in
the reasonable opinion of Landlord, this Lease shall terminate as of the earlier
of the date title to the condemned real estate vests in the condemnor or the
date on which Tenant is deprived of possession of the Demised Premises. In such
event, the Base Rent herein reserved and all Additional Rent and other sums
payable hereunder shall be apportioned and paid in full by Tenant to Landlord to
that date, all Base Rent, Additional Rent and other sums payable hereunder
prepaid for periods beyond that date shall forthwith be repaid by Landlord to
Tenant, and neither party shall thereafter have any liability hereunder, except
that any obligation or liability of either party, actual or contingent, under
this Lease which has accrued on or prior to such termination date shall
survive.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If only part of the Demised
Premises is taken or condemned for a public or quasi-public use and this Lease
does not terminate pursuant to Section 21(a), Landlord shall, to the extent of
the award it receives, restore the Demised Premises to a condition and to a size
as nearly comparable as reasonably possible to the condition and size thereof
immediately prior to the taking, and there shall be an equitable adjustment to
the Base Rent and Additional Rent based on the actual loss of use of the Demised
Premises suffered by Tenant from the taking.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Landlord shall be entitled
to receive the entire award in any proceeding with respect to any taking
provided for in this Section 21, without deduction therefrom for any estate
vested in Tenant by this Lease, and Tenant shall receive no part of such award.
Nothing herein contained shall be deemed to prohibit Tenant from making a
separate claim, against the condemnor, to the extent permitted by law, for the
value of Tenant&#146;s moveable trade fixtures, machinery and moving expenses,
provided that the making of such claim shall not and does not adversely affect
or diminish Landlord&#146;s award.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
22.&nbsp;&nbsp;
<U>Tenant&#146;s Default</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The occurrence of any one or
more of the following events shall constitute an &#147;Event of Default&#148; of
Tenant under this Lease:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;
if Tenant fails to pay Base Rent or any Additional Rent hereunder as and when
such rent becomes due and such failure shall continue for (i) more than five (5)
days after Landlord gives written notice to Tenant of such failure for Base Rent
or (ii) more than ten (10) days after Landlord gives written notice to Tenant of
such failure for Additional Rent, (provided, however, that if payment of any
Base Rent or Additional Rent required hereunder is by check, and following
deposit thereof such check is rejected or returned due to insufficient funds,
then such event shall constitute an immediate Event of Default and no such five
(5) day notice and cure period shall be required);</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;
if Tenant fails to pay Base Rent or any Additional Rent on time more than three
(3) times in any period of twelve (12) months, notwithstanding that such
payments have been made within the applicable cure period;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;
if the Demised Premises become deserted or abandoned for more than ten (10)
consecutive days or if Tenant fails to take possession of the Demised Premises
on the Lease Commencement Date or within a reasonable time thereafter and stops
paying Rent for the Demised Premises;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;
if Tenant permits to be done anything which creates a lien upon the Demised
Premises and fails to discharge or bond such lien, or post security with
Landlord acceptable to Landlord within thirty (30) days after receipt by Tenant
of written notice thereof;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;
if Tenant fails to maintain in force all policies of insurance required by this
Lease and such failure shall continue for more than ten (10) days after Landlord
gives Tenant written notice of such failure;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;
if any petition is filed by or against Tenant or any guarantor of this Lease
under any present or future section or chapter of the Bankruptcy Code, or under
any similar law or statute of the United States or any state thereof (which, in
the case of an involuntary proceeding, is not permanently discharged, dismissed,
stayed, or vacated, as the case may be, within sixty (60) days of commencement),
or if any order for relief shall be entered against Tenant or any guarantor of
this Lease in any such proceedings;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;
if Tenant or any guarantor of this Lease becomes insolvent or makes a transfer
in fraud of creditors or makes an assignment for the benefit of creditors;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;
if a receiver, custodian, or trustee is appointed for the Demised Premises or
for all or substantially all of the assets of Tenant or of any guarantor of this
Lease, which appointment is not vacated within sixty (60) days following the
date of such appointment; or</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;
if Tenant fails to perform or observe any other term of this Lease and such
failure shall continue for more than thirty (30) days after Landlord gives
Tenant written notice of such failure, or, if such failure cannot be corrected
within such thirty (30) day period, if Tenant does not commence to correct such
default within said thirty (30) day period and thereafter diligently prosecute
the correction of same to completion within a reasonable time.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Upon the occurrence of any
one or more Events of Default, Landlord may, at Landlord&#146;s option, without
any demand or notice whatsoever (except as expressly required in this
Section&nbsp;22):</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;
Terminate this Lease by giving Tenant notice of termination, in which event this
Lease shall expire and terminate on the date specified in such notice of
termination and all rights of Tenant under this Lease and in and to the Demised
Premises shall terminate. Tenant shall remain liable for all obligations under
this Lease arising up to the date of such termination, and Tenant shall
surrender the Demised Premises to Landlord on the date specified in such notice;
or</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;Terminate this Lease as provided in Section 22(b)(i)
hereof and recover from Tenant all damages Landlord may incur by reason of
Tenant&#146;s default, including, without limitation, an amount which, at the
date of such termination, is calculated as follows: (1) the value of the excess,
if any, of (A) the Base Rent, Additional Rent and all other sums which would
have been payable hereunder by Tenant for the period commencing with the day
following the date of such termination and ending with the Expiration Date had
this Lease not been terminated (the &#147;Remaining Term&#148;), over (B) the
aggregate reasonable rental value of the Demised Premises for the Remaining Term
(which excess, if any shall be discounted to present value at the &#147;Treasury
Yield&#148; as defined below for the Remaining Term); <U>plus</U> (2) the costs
of recovering possession of the Demised Premises and all other expenses incurred
by Landlord due to Tenant&#146;s default, including, without limitation,
reasonable attorney&#146;s fees; <U>plus</U> (3) the unpaid Base Rent and
Additional Rent earned as of the date of termination plus any interest and late
fees due hereunder, plus other sums of money and damages owing on the date of
termination by Tenant to Landlord under this Lease or in connection with the
Demised Premises. The amount as calculated above shall be deemed immediately due
and payable. The payment of the amount calculated in subparagraph (ii)(1) shall
not be deemed a penalty but shall merely constitute payment of liquidated
damages, it being understood and acknowledged by Landlord and Tenant that actual
damages to Landlord are extremely difficult, if not impossible, to ascertain.
&#147;Treasury Yield&#148; shall mean the rate of return in percent per annum of
Treasury Constant Maturities for the length of time specified as published in
document H.15(519) (presently published by the Board of Governors of the U.S.
Federal Reserve System titled &#147;Federal Reserve Statistical Release&#148;)
for the calendar week immediately preceding the calendar week in which the
termination occurs. If the rate of return of Treasury Constant Maturities for
the calendar week in question is not published on or before the business day
preceding the date of the Treasury Yield in question is to become effective,
then the Treasury Yield shall be based upon the rate of return of Treasury
Constant Maturities for the length of time specified for the most recent
calendar week for which such publication has occurred. If no rate of return for
Treasury Constant Maturities is published for the specific length of time
specified, the Treasury Yield for such length of time shall be the weighted
average of the rates of return of Treasury Constant Maturities most nearly
corresponding to the length of the applicable period specified. If the
publishing of the rate of return of Treasury Constant Maturities is ever
discontinued, then the Treasury Yield shall be based upon the index which is
published by the Board of Governors of the U.S. Federal Reserve System in
replacement thereof or, if no such replacement index is published, the index
which, in Landlord&#146;s reasonable determination, most nearly corresponds to
the rate of return of Treasury Constant Maturities. In determining the aggregate
reasonable rental value pursuant to subparagraph&nbsp;(ii)(1)(B) above, the
parties hereby agree that, at the time Landlord seeks to enforce this remedy,
all relevant factors should be considered, including, but not limited to,
(a)&nbsp;the length of time remaining in the Remaining Term, (b)&nbsp;the then
current market conditions in the general area in which the Building is located,
(c)&nbsp;the likelihood of reletting the Demised Premises for a period of time
equal to the remainder of the Term, (d)&nbsp;the net effective rental rates then
being obtained by landlords for similar type space of similar size in similar
type buildings in the general area in which the Building is located,
(e)&nbsp;the vacancy levels in the general area in which the Building is
located, (f)&nbsp;current levels of new construction that will be completed
during the Remaining Term and how this construction will likely affect vacancy
rates and rental rates and (g) inflation; or</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;
Without terminating this Lease, declare immediately due and payable the sum of
the following: (1) the present value (calculated using the &#147;Treasury
Yield&#148;) of all Base Rent and Additional Rent due and coming due under this
Lease for the entire Remaining Term (as if by the terms of this Lease they were
payable in advance), plus (2) the cost of recovering and reletting the Demised
Premises and all other expenses incurred by Landlord in connection with
Tenant&#146;s default, plus (3) any unpaid Base Rent, Additional Rent and other
rentals, charges, assessments and other sums owing by Tenant to Landlord under
this Lease or in connection with the Demised Premises as of the date this
provision is invoked by Landlord, plus (4) interest on all such amounts from the
date due at the Interest Rate, and Landlord may immediately proceed to distrain,
collect, or bring action for such sum, or may file a proof of claim in any
bankruptcy or insolvency proceedings to enforce payment thereof; provided,
however, that such payment shall not be deemed a penalty or liquidated damages,
but shall merely constitute payment in advance of all Base Rent and Additional
Rent payable hereunder throughout the Term, and provided further, however, that
upon Landlord receiving such payment, Tenant shall be entitled to receive from
Landlord all rents received by Landlord from other assignees, tenants and
subtenants on account of said Demised Premises during the remainder of the Term
(provided that the monies to which Tenant shall so become entitled shall in no
event exceed the entire amount actually paid by Tenant to Landlord pursuant to
this subparagraph (iii)), less all costs, expenses and attorneys&#146; fees of
Landlord incurred but not yet reimbursed by Tenant in connection with recovering
and reletting the Demised Premises; or</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;
Without terminating this Lease, in its own name but as agent for Tenant, enter
into and upon and take possession of the Demised Premises or any part thereof.
Any property remaining in the Demised Premises may be removed and stored in a
warehouse or elsewhere at the cost of, and for the account of, Tenant without
Landlord being deemed guilty of trespass or becoming liable for any loss or
damage which may be occasioned thereby unless caused by Landlord&#146;s
negligence. Thereafter, Landlord may, but shall not be obligated to, lease to a
third party the Demised Premises or any portion thereof as the agent of Tenant
upon such terms and conditions as Landlord may deem necessary or desirable in
order to relet the Demised Premises. The remainder of any rentals received by
Landlord from such reletting, after the payment of any indebtedness due
hereunder from Tenant to Landlord, and the payment of any costs and expenses of
such reletting, shall be held by Landlord to the extent of and for application
in payment of future rent owed by Tenant, if any, as the same may become due and
payable hereunder. If such rentals received from such reletting shall at any
time or from time to time be less than sufficient to pay to Landlord the entire
sums then due from Tenant hereunder, Tenant shall pay any such deficiency to
Landlord. Notwithstanding any such reletting without termination, Landlord may
at any time thereafter elect to terminate this Lease for any such previous
default provided same has not been cured; or</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;
Without terminating this Lease, and with or without notice to Tenant, enter into
and upon the Demised Premises and, without being liable for prosecution or any
claim for damages therefor, maintain the Demised Premises and repair or replace
any damage thereto or do anything or make any payment for which Tenant is
responsible hereunder. Tenant shall reimburse Landlord immediately upon demand
for any expenses which Landlord incurs in thus effecting Tenant&#146;s
compliance under this Lease and Landlord shall not be liable to Tenant for any
damages with respect thereto; or</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;
Reserved.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;
With or without terminating this Lease, allow the Demised Premises to remain
unoccupied and collect rent from Tenant as it comes due; or</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;
Pursue such other remedies as are available at law or equity.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;
If this Lease shall terminate as a result of or while there exists an Event of
Default hereunder, any funds of Tenant held by Landlord may be applied by
Landlord to any damages payable by Tenant (whether provided for herein or by
law) as a result of such termination or default.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;
Neither the commencement of any action or proceeding, nor the settlement
thereof, nor entry of judgment thereon shall bar Landlord from bringing
subsequent actions or proceedings from time to time, nor shall the failure to
include in any action or proceeding any sum or sums then due be a bar to the
maintenance of any subsequent actions or proceedings for the recovery of such
sum or sums so omitted.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;
No agreement to accept a surrender of the Demised Premises and no act or
omission by Landlord or Landlord&#146;s agents during the Term shall constitute
an acceptance or surrender of the Demised Premises unless made in writing and
signed by Landlord. No re-entry or taking possession of the Demised Premises by
Landlord shall constitute an election by Landlord to terminate this Lease unless
a written notice of such intention is given to Tenant. No provision of this
Lease shall be deemed to have been waived by either party unless such waiver is
in writing and signed by the party making such waiver. Landlord&#146;s
acceptance of Base Rent or Additional Rent in full or in part following an Event
of Default hereunder shall not be construed as a waiver of such Event of
Default. No custom or practice which may grow up between the parties in
connection with the terms of this Lease shall be construed to waive or lessen
either party&#146;s right to insist upon strict performance of the terms of this
Lease, without a written notice thereof to the other party.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;
If an Event of Default shall occur, Tenant shall pay to Landlord, on demand, all
expenses incurred by Landlord as a result thereof, including reasonable
attorneys&#146; fees, court costs and expenses actually incurred.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;
If an Event of Default shall occur, all remedies exercised by Landlord pursuant
to the terms hereof shall be exercised pursuant to and in accordance with the
laws of the State of Georgia.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
23.&nbsp;&nbsp;<U>Landlord&#146;s Right of Entry</U>. Tenant agrees to permit
Landlord and the authorized representatives of Landlord and of Lender to enter
upon the Demised Premises at all reasonable times during Tenant&#146;s business
hours (unless in the event of emergency) for the purposes of inspecting the
Demised Premises and Tenant&#146;s compliance with this Lease, and making any
necessary repairs thereto; provided that, except in the case of an emergency,
Landlord shall give Tenant not less than two (2) days prior notice of
Landlord&#146;s intended entry upon the Demised Premises. Nothing herein shall
imply any duty upon the part of Landlord to do any work required of Tenant
hereunder, and the performance thereof by Landlord shall not constitute a waiver
of Tenant&#146;s default in failing to perform it. Landlord shall not be liable
for inconvenience, annoyance, disturbance or other damage to Tenant by reason of
making such repairs or the performance of such work in the Demised Premises or
on account of bringing materials, supplies and equipment into or through the
Demised Premises during the course thereof, and the obligations of Tenant under
this Lease shall not thereby be affected; <U>provided</U>, <U>however</U>, that
Landlord shall use reasonable efforts not to disturb or otherwise interfere with
Tenant&#146;s operations in the Demised Premises in making such repairs or
performing such work. Landlord also shall have the right to enter the Demised
Premises at all reasonable times during Tenant&#146;s business hours to exhibit
the Demised Premises to any prospective purchaser, mortgagee or tenant
thereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
24.&nbsp;&nbsp;<U>Lender&#146;s Rights</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;
For purposes of this Lease:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;
&#147;Lender&#148; as used herein means the holder of a Mortgage;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;
&#147;Mortgage&#148; as used herein means any or all mortgages, deeds to secure
debt, deeds of trust or other instruments in the nature thereof which may now or
hereafter affect or encumber Landlord&#146;s title to the Demised Premises, and
any amendments, modifications, extensions or renewals thereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;This Lease and all rights of
Tenant hereunder are and shall be subject and subordinate to the lien and
security title of any Mortgage. Tenant recognizes and acknowledges the right of
Lender to foreclose or exercise the power of sale against the Demised Premises
under any Mortgage.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Tenant shall, in
confirmation of the subordination set forth in Section 24(b) and notwithstanding
the fact that such subordination is self-operative, and no further instrument or
subordination shall be necessary, upon demand, at any time or times, execute,
acknowledge, and deliver to Landlord or to Lender any and all instruments
requested by either of them to evidence such subordination.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;At any time during the Term,
Lender may, by written notice to Tenant, make this Lease superior to the lien of
its Mortgage. If requested by Lender, Tenant shall, upon demand, at any time or
times, execute, acknowledge, and deliver to Lender, any and all instruments that
may be necessary to make this Lease superior to the lien of any
Mortgage.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;If Lender (or Lender&#146;s
nominee, or other purchaser at foreclosure) shall hereafter succeed to the
rights of Landlord under this Lease, whether through possession or foreclosure
action or delivery of a new lease, Tenant shall, if requested by such successor,
attorn to and recognize such successor as Tenant&#146;s landlord under this
Lease without change in the terms and provisions of this Lease and shall
promptly execute and deliver any instrument that may be necessary to evidence
such attornment, provided that such successor shall not be bound by (i) any
payment of Base Rent or Additional Rent for more than one month in advance,
except prepayments in the nature of security for the performance by Tenant of
its obligations under this Lease, and then only if such prepayments have been
deposited with and are under the control of such successor, (ii) any provision
of any amendment to the Lease to which Lender has not consented, (iii) the
defaults of any prior landlord under this Lease, or (iv) any offset rights
arising out of the defaults of any prior landlord under this Lease. Upon such
attornment, this Lease shall continue in full force and effect as a direct lease
between each successor landlord and Tenant, subject to all of the terms,
covenants and conditions of this Lease.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;In the event there is a
Mortgage at any time during the Term, Landlord shall, at Tenant&#146;s request,
use reasonable efforts to cause the Lender to enter into a subordination,
nondisturbance and attornment agreement with Tenant reasonably satisfactory to
Tenant and consistent with this Section 24.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;&nbsp;
<U>Estoppel Certificate and Financial Statement</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Landlord and Tenant agree,
at any time, and from time to time, within fifteen (15) days after written
request of the other, to execute, acknowledge and deliver a statement in writing
in recordable form to the requesting party and/or its designee certifying that:
(i) this Lease is unmodified and in full force and effect (or, if there have
been modifications, that the same is in full force and effect, as modified),
(ii) the dates to which Base Rent, Additional Rent and other charges have been
paid, (iii) whether or not, to the best knowledge of the individual signing such
certificate, there exists any failure by the requesting party to perform any
term, covenant or condition contained in this Lease, and, if so, specifying each
such failure of which the individual signing such certificate has knowledge,
(iv) (if such be the case) Tenant has unconditionally accepted the Demised
Premises and is conducting its business therein, and (v) and as to such
additional matters as may be requested, it being intended that any such
statement delivered pursuant hereto may be relied upon by the requesting party
and by any purchaser of title to the Demised Premises or by any mortgagee or any
assignee thereof or any party to any sale-leaseback of the Demised Premises, or
the landlord under a ground lease affecting the Demised Premises.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;&nbsp;
<U>Landlord Liability</U>. NO OWNER OF THE DEMISED PREMISES, WHETHER OR NOT
NAMED HEREIN, SHALL HAVE LIABILITY HEREUNDER AFTER IT CEASES TO HOLD TITLE TO
THE DEMISED PREMISES. NEITHER LANDLORD NOR ANY OFFICER, DIRECTOR, SHAREHOLDER,
PARTNER OR PRINCIPAL OF LANDLORD, WHETHER DISCLOSED OR UNDISCLOSED, SHALL BE
UNDER ANY PERSONAL LIABILITY WITH RESPECT TO ANY OF THE PROVISIONS OF THIS
LEASE. IN THE EVENT LANDLORD IS IN BREACH OR DEFAULT WITH RESPECT TO
LANDLORD&#146;S OBLIGATIONS OR OTHERWISE UNDER THIS LEASE, TENANT SHALL LOOK
SOLELY TO THE EQUITY OF LANDLORD IN THE BUILDING FOR THE SATISFACTION OF
TENANT&#146;S REMEDIES. IT IS EXPRESSLY UNDERSTOOD AND AGREED THAT
LANDLORD&#146;S LIABILITY UNDER THE TERMS, COVENANTS, CONDITIONS, WARRANTIES AND
OBLIGATIONS OF THIS LEASE SHALL IN NO EVENT EXCEED LANDLORD&#146;S EQUITY
INTEREST IN THE BUILDING.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;&nbsp;
<U>Notices</U>. Any notice required or permitted to be given or served by either
party to this Lease shall be deemed given when made in writing, and either (i)
personally delivered, (ii) deposited with the United States Postal Service,
postage prepaid, by registered or certified mail, return receipt requested, or
(iii) delivered by a nationally recognized overnight delivery service providing
proof of delivery, properly addressed to the address set forth in Section 1(m)
(as the same may be changed by giving written notice of the aforesaid in
accordance with this Section 27). If any notice mailed is properly addressed
with appropriate postage but returned for any reason, such notice shall be
deemed to be effective notice and to be given on the date of mailing. Any notice
required or permitted to be given or served by Landlord or Tenant to this Lease
may be given by either an agent, law firm or attorney acting on behalf of
Landlord or Tenant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;&nbsp;
<U>Brokers</U>. Landlord and Tenant each represents and warrants to the other
that, except for those parties set forth in Section 1(o) (the
&#147;Brokers&#148;), such party has not engaged or had any conversations or
negotiations with any broker, finder or other third party concerning the leasing
of the Demised Premises to Tenant who would be entitled to any commission or fee
based on the execution of this Lease. Landlord and Tenant each hereby further
represents and warrants to the other that such party is not receiving and is not
entitled to receive any rebate, payment or other remuneration, either directly
or indirectly, from the Brokers, and that it is not otherwise sharing in or
entitled to share in any commission or fee paid to the Brokers by Landlord or
any other party in connection with the execution of this Lease, either directly
or indirectly. Landlord and Tenant each hereby indemnifies the other against and
from any claims for any brokerage commissions (except those payable to the
Brokers, all of which are payable by Landlord pursuant to a separate agreement)
and all costs, expenses and liabilities in connection therewith, including,
without limitation, reasonable attorneys&#146; fees and expenses, for any breach
of the foregoing. The foregoing indemnification shall survive the expiration or
termination of this Lease for any reason.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
29.&nbsp;&nbsp;<U>Assignment and Subleasing</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Tenant may not assign,
mortgage, pledge, encumber or otherwise transfer this Lease, or any interest
hereunder, or sublet the Demised Premises, in whole or in part, without on each
occasion first obtaining the prior express written consent of Landlord, which
consent Landlord shall not unreasonably withhold. Any change in control of
Tenant resulting from a merger, consolidation, stock transfer or asset sale
shall be considered an assignment or transfer which requires Landlord&#146;s
prior written consent. For purposes of this Section 29, by way of example and
not limitation, Landlord shall be deemed to have reasonably withheld consent if
Landlord determines (i) that the prospective assignee is not of a financial
strength similar to Tenant as of the Lease Date, (ii) that the prospective
assignee or subtenant has a poor business reputation, or (iii) that the proposed
use of the Demised Premises by such prospective assignee or subtenant
(including, without limitation, a use involving the use or handling of Hazardous
Substances) will negatively affect the value or marketability of the Building or
the Project.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Notwithstanding Section
29(a) above, provided that there then exists no Event of Default under this
Lease which remains uncured, Tenant shall have the right, upon ten (10)
days&#146; prior written notice to Landlord but without Landlord&#146;s prior
consent, (i) to sublet all or part of the Demised Premises to any related entity
which controls Tenant, is controlled by Tenant or is under common control with
Tenant; or (ii) to assign this Lease to a successor entity into which or with
which Tenant is merged or consolidated or which acquired substantially all of
Tenant&#146;s assets and property, provided that such successor entity assumes
substantially all of the obligations and liabilities of Tenant (including,
without limitation, those obligations of Tenant arising under this Lease) and,
after such transaction, shall have assets, capitalization, tangible net worth
and creditworthiness at least equal to the assets, capitalization, tangible net
worth and creditworthiness of Tenant as of the Lease Date as determined by
generally accepted accounting principles. For the purpose hereof, (i)
&#147;control&#148; shall mean ownership of not less than fifty percent (50%) of
all the voting stock or legal and equitable interest in such entity, and (ii)
&#147;tangible net worth&#148; shall mean the excess of the value of tangible
assets (i.e. assets excluding those which are intangible such as goodwill,
patents and trademarks) over liabilities. Any sublease or assignment pursuant to
and in compliance with this subsection (b) shall be referred to herein as a
&#147;Related Assignment&#148;. The provisions of subsection&nbsp;29(c) below
shall not apply to any Related Assignment; provided, however, that the written
notice given by Tenant to Landlord pursuant to this subsection&nbsp;29(b) must
contain sufficient information and documentation to enable Landlord to confirm
that all of the requirements of this subsection&nbsp;29(b) have been
satisfied.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;If Tenant desires to assign
this Lease or sublet the Demised Premises or any part thereof, Tenant shall give
Landlord written notice no later than thirty (30) days in advance of the
proposed effective date of any proposed assignment or sublease, specifying (i)
the name and business of the proposed assignee or sublessee, (ii) the amount and
location of the space within the Demised Premises proposed to be subleased,
(iii) the proposed effective date and duration of the assignment or subletting
and (iv) the proposed rent or consideration to be paid to Tenant by such
assignee or sublessee. Tenant shall promptly supply Landlord with financial
statements and other information as Landlord may reasonably request to evaluate
the proposed assignment or sublease. Landlord shall have a period of twenty (20)
days following receipt of such notice and other information requested by
Landlord within which to notify Tenant in writing that Landlord elects: (i) to
permit Tenant to assign or sublet such space; or (ii) to refuse, in
Landlord&#146;s sole and absolute discretion (taking into account all relevant
factors including, without limitation, the factors set forth in the Section
29(a) above), to consent to Tenant&#146;s assignment or subleasing of such space
and to continue this Lease in full force and effect as to the entire Demised
Premises. If Landlord should fail to notify Tenant in writing of such election
within the aforesaid twenty (20) day period, Landlord shall be deemed to have
elected option (ii) above. Tenant agrees to reimburse Landlord for reasonable
legal fees and any other reasonable costs incurred by Landlord in connection
with any requested assignment or subletting. Tenant shall deliver to Landlord
copies of all documents executed in connection with any permitted assignment or
subletting, which documents shall be in form and substance reasonably
satisfactory to Landlord and which shall require such assignee to assume
performance of all terms of this Lease on Tenant&#146;s part to be
performed.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;No acceptance by Landlord of
any rent or any other sum of money from any assignee, sublessee or other
category of transferee shall be deemed to constitute Landlord&#146;s consent to
any assignment, sublease, or transfer. Permitted subtenants or assignees shall
become liable directly to Landlord for all obligations of Tenant hereunder,
without, however, relieving Tenant of any of its liability hereunder. No such
assignment, subletting, occupancy or collection shall be deemed the acceptance
of the assignee, tenant or occupant, as Tenant, or a release of Tenant from the
further performance by Tenant of Tenant&#146;s obligations under this Lease. Any
assignment or sublease consented to by Landlord shall not relieve Tenant (or its
assignee) from obtaining Landlord&#146;s consent to any subsequent assignment or
sublease.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
30.&nbsp;&nbsp;<U>Termination or Expiration</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;No termination of this Lease
prior to the normal ending thereof, by lapse of time or otherwise, shall affect
Landlord&#146;s right to collect rent for the period prior to termination
thereof. Notwithstanding anything to the contrary contained herein, if this
Lease is rejected in any bankruptcy action or proceeding filed by or against
Tenant, and the effective date of rejection is on or after the date upon which
that month&#146;s Rent is due and owing, then the Rent owing under this Lease
for the month during which the effective date of such rejection occurs shall be
due and payable in full and shall not be prorated.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;At the expiration or earlier
termination of the Term of this Lease, Tenant shall surrender the Demised
Premises and all improvements, alterations and additions thereto, and keys
therefor to Landlord, clean and neat, and in the same condition as at the Lease
Commencement Date, excepting normal wear and tear, condemnation and casualty
other than that required to be insured against by Tenant hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;If Tenant remains in
possession of the Demised Premises after expiration of the Term, with or without
Landlord&#146;s acquiescence and without any express agreement of the parties,
Tenant shall be a tenant-at-sufferance at the greater of (i) one hundred fifty
percent (150%) of the then current fair market base rental value of the Demised
Premises or (ii) one hundred fifty percent (150%) of the Base Rent in effect at
the end of the Term. Tenant shall also continue to pay all other Additional Rent
due hereunder. Notwithstanding the foregoing, there shall be no renewal of this
Lease by operation of law or otherwise, and, in addition to and without limiting
such rights and remedies as may be available to Landlord at law or in equity as
a result of Tenant&#146;s holding over beyond the Term, Landlord shall be
entitled to exercise any and all rights and remedies available to Landlord in
respect of an Event of Default hereunder (it being agreed that any such holdover
shall be deemed an immediate Event of Default hereunder). In addition to the
foregoing, Tenant shall be liable for all damages, direct and consequential,
incurred by Landlord as a result of such holdover. No receipt of money by
Landlord from Tenant after the termination of this Lease or Tenant&#146;s right
of possession of the Demised Premises shall reinstate, continue or extend the
Term or Tenant&#146;s right of possession. The provisions of this subsection
30(c) shall survive the expiration of the Term. Provided Tenant is not in
default under the Lease, upon written notice to be received by Landlord at least
ninety (90) days prior to the expiration of the Term, Tenant may elect to extend
the Term one time for a period of thirty (30) days at the same Base Rent payable
by Tenant during the last full month of the Term immediately proceeding the
scheduled expiration of the Term.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
31.&nbsp;&nbsp;<U>Reserved</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
32.&nbsp;&nbsp;<U>Late Payments</U>. In the event any installment of rent,
inclusive of Base Rent, or Additional Rent or other sums due hereunder, if any,
is not paid (i) within five (5) days after Tenant&#146;s receipt of written
notice of such failure to pay on the first occasion during any twelve (12) month
period, or (ii) as and when due with respect to any subsequent late payments in
any twelve (12) month period, Tenant shall pay an administrative fee (the
&#147;Administrative Fee&#148;) equal to five percent (5%) of such past due
amount, plus interest on the amount past due at the lesser of (i) the maximum
interest rate allowed by law or (ii) a rate of fifteen percent (15%) per annum
(the &#147;Interest Rate&#148;), in order to defray the additional expenses
incurred by Landlord as a result of such late payment. The Administrative Fee is
in addition to, and not in lieu of, any of the Landlord&#146;s remedies
hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;33.&nbsp;&nbsp;<U>Rules and Regulations</U>. Tenant agrees to abide
by the rules and regulations set forth on <U>Exhibit D </U>attached hereto, as
well as other rules and regulations reasonably promulgated by Landlord from time
to time, so long as such other rules and regulations do not materially and
adversely affect the rights of Tenant hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;34.&nbsp;&nbsp;<U>Quiet Enjoyment</U>. So long as Tenant has not
committed an Event of Default hereunder, Landlord agrees that Tenant shall have
the right to quietly use and enjoy the Demised Premises for the Term.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;35.&nbsp;&nbsp;<U>Miscellaneous</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The parties hereto hereby
covenant and agree that Landlord shall receive the Base Rent, Additional Rent
and all other sums payable by Tenant hereinabove provided as net income from the
Demised Premises, without any abatement (except as set forth in Section 20 and
Section 21), reduction, set-off, counterclaim, defense or deduction
whatsoever.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If any clause or provision
of this Lease is determined to be illegal, invalid or unenforceable under
present or future laws effective during the Term, then and in that event, it is
the intention of the parties hereto that the remainder of this Lease shall not
be affected thereby, and that in lieu of such illegal, invalid or unenforceable
clause or provision there shall be substituted a clause or provision as similar
in terms to such illegal, invalid or unenforceable clause or provision as may be
possible and be legal, valid and enforceable.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;All rights, powers, and
privileges conferred hereunder upon the parties hereto shall be cumulative, but
not restrictive to those given by law.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;TIME IS OF THE ESSENCE OF
THIS LEASE.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;No failure of Landlord or
Tenant to exercise any power given Landlord or Tenant hereunder or to insist
upon strict compliance by Landlord or Tenant with its obligations hereunder, and
no custom or practice of the parties at variance with the terms hereof shall
constitute a waiver of Landlord&#146;s or Tenant&#146;s rights to demand exact
compliance with the terms hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;This Lease contains the
entire agreement of the parties hereto as to the subject matter of this Lease
and no prior representations, inducements, letters of intent, promises or
agreements, oral or otherwise, between the parties not embodied herein shall be
of any force and effect. Any future amendment to this Lease must be in writing
and signed by the parties hereto. The masculine (or neuter) pronoun, singular
number shall include the masculine, feminine and neuter gender and the singular
and plural number.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;This contract shall create
the relationship of landlord and tenant between Landlord and Tenant; no estate
shall pass out of Landlord; Tenant has a usufruct, not subject to levy and sale,
and not assignable by Tenant except as expressly set forth herein.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;Landlord and Tenant agree to
execute, upon request of the other, a short form memorandum of this Lease in
recordable form and the requesting party shall pay the costs and charges for the
recording of such short form memorandum of lease. Under no circumstances shall
Tenant have the right to record this Lease (other than a short form memorandum
of Lease, as approved by Landlord), and should Tenant do so, Tenant shall be in
default hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;The captions of this Lease
are for convenience only and are not a part of this Lease, and do not in any way
define, limit, describe or amplify the terms or provisions of this Lease or the
scope or intent thereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;This Lease may be executed
in multiple counterparts, each of which shall constitute an original, but all of
which taken together shall constitute one and the same agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;This Lease shall be
interpreted under the laws of the State where the Demised Premises are
located.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;The parties acknowledge that
this Lease is the result of negotiations between the parties, and in construing
any ambiguity hereunder no presumption shall be made in favor of either party.
No inference shall be made from any item which has been stricken from this Lease
other than the deletion of such item.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.&nbsp;&nbsp;
<U>Special Stipulations</U>. The Special Stipulations, if any, attached hereto
as <U>Exhibit C</U>, are incorporated herein and made a part hereof, and to the
extent of any conflict between the foregoing provisions and the Special
Stipulations, the Special Stipulations shall govern and control.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.&nbsp;&nbsp;
<U>Lease Date</U>. For purposes of this Lease, the term &#147;Lease Date&#148;
shall mean the later date upon which this Lease is signed by Landlord and
Tenant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.&nbsp;&nbsp;
<U>Authority</U>. If Tenant is not a natural person, Tenant shall cause its
corporate secretary or general partner, as applicable, to execute the
certificate attached hereto as <U>Exhibit E.</U> Tenant is authorized by all
required corporate or partnership action to enter into this Lease and the
individual(s) signing this Lease on behalf of Tenant are each authorized to bind
Tenant to its terms.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.&nbsp;&nbsp;
<U>No Offer Until Executed</U>. The submission of this Lease by Landlord to
Tenant for examination or consideration does not constitute an offer by Landlord
to lease the Demised Premises and this Lease shall become effective, if at all,
only upon the execution and delivery thereof by Landlord and Tenant. Execution
and delivery of this Lease by Landlord to Tenant constitutes an offer to lease
the Demised Premises on the terms contained herein. The offer by Landlord will
be irrevocable until 6:00 p.m. Eastern time for two (2) days after the date of
execution of this Lease by Landlord and delivery to Tenant. If Landlord has not
received from Tenant within said two (2) day period (i) a fully-executed
counterpart of the Lease and (ii) the executed Guaranty, Landlord shall have the
right to revoke said offer to lease the Demised Premises on the terms contained
herein and, immediately upon such revocation, Tenant shall return all documents
delivered to Tenant by Landlord in connection with the execution of this Lease.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have hereunto set their hands under seals,
the day and year first above written. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT><BR>
<BR>Date:&nbsp;<U>12/6/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&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></TD>
<TD WIDTH=50%>LANDLORD:<BR>
<BR>
HAMILTON MILL BUSINESS CENTER, LLC,<BR>
a Delaware limited liability company<BR>
<BR>
By:&nbsp;&nbsp;Industrial Developments International (Georgia), L.P.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a Georgia limited partnership, its sole member<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDI (Georgia), Inc., a Georgia corporation,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;its sole general partner<BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attest:<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;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name:<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;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=RIGHT><FONT SIZE=3>[CORPORATE SEAL]</FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT><BR>
Date:&nbsp;<U>12/8/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&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></TD>
<TD WIDTH=50%> TENANT:<BR>
<BR>
GLOBAL EQUIPMENT COMPANY, INC.,<BR>
a New York corporation<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>
<BR>
Attest:<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;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name:<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;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=RIGHT><FONT SIZE=3>[CORPORATE SEAL]</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3>ATTESTATION</FONT></P>

<P><FONT SIZE=3><U>Landlord</U>:</FONT></P>

<P><FONT SIZE=3>STATE OF _____________</FONT></P>

<P><FONT SIZE=3>COUNTY OF _____________</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BEFORE ME, a Notary Public in and for said County, personally
appeared __________________________ and _______________________, known to me to
be the person(s) who, as ___________________________________ and
____________________________________, respectively, of IDI (Georgia), Inc., the
corporation which executed the foregoing instrument in its capacity as sole
general partner of Industrial Developments International (Georgia), L.P., in its
capacity as sole member of Landlord, signed the same, and acknowledged to me
that they did so sign said instrument in the name and upon behalf of said
corporation, in its capacity as general partner of Landlord, that the same is
their free act and deed and they were duly authorized thereunto by the
corporation and the partnership. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IN TESTIMONY WHEREOF, I have hereunto subscribed my name, and affixed my
official seal, this ___ day of ______________, 2005. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>________________________________<BR>
Notary Public<BR>
<BR>
My Commission Expires:</TD>
</TR>
</TABLE>
<BR>
<BR>

<P><FONT SIZE=3><U>Tenant - Corporation</U>:</FONT></P>

<P><FONT SIZE=3>STATE OF _____________</FONT></P>

<P><FONT SIZE=3>COUNTY OF _____________</FONT></P>


<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BEFORE ME, a Notary Public in and for said County, personally appeared
__________________________ and _______________________, known to me to be the person(s)
who, as ___________________________________ and ____________________________________,
respectively, of Global Equipment Company, Inc., the corporation which executed the
foregoing instrument in its capacity as Tenant, signed the same, and acknowledged to me
that they did so sign said instrument in the name and upon behalf of said corporation as
officers of said corporation, that the same is their free act and deed as such officers,
respectively, and they were duly authorized thereunto by its board of directors; and that
the seal affixed to said instrument is the corporate seal of said corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>IN TESTIMONY WHEREOF, I have hereunto subscribed my name, and affixed my
official seal, this ___ day of ______________, 2005. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>________________________________<BR>
Notary Public<BR>
<BR>
My Commission Expires:</TD>
</TR>
</TABLE>
<BR>
<BR>

<PAGE>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT SIZE=3>LEASE INDEX </FONT></H1>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="70%">
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"><U>Section</U></TH>
     <TH ALIGN="LEFT"><U>Subject</U></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="LEFT"><BR>&nbsp;&nbsp;1 </TD>
     <TD WIDTH="60%" ALIGN="LEFT"><BR>Basic Lease Provisions</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;2 </TD>
     <TD ALIGN="LEFT">Demised Premises</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;3 </TD>
     <TD ALIGN="LEFT">Term</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;4 </TD>
     <TD ALIGN="LEFT">Base Rent</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;5 </TD>
     <TD ALIGN="LEFT">Reserved</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;6 </TD>
     <TD ALIGN="LEFT">Operating Expenses and Additional Rent</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;7 </TD>
     <TD ALIGN="LEFT">Use of Demised Premises</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;8 </TD>
     <TD ALIGN="LEFT">Insurance</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">&nbsp;&nbsp;9 </TD>
     <TD ALIGN="LEFT">Utilities</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">10 </TD>
     <TD ALIGN="LEFT">Maintenance and Repairs</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">11 </TD>
     <TD ALIGN="LEFT">Tenant's Personal Property; Indemnity</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">12 </TD>
     <TD ALIGN="LEFT">Tenant's Fixtures</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">13 </TD>
     <TD ALIGN="LEFT">Signs</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">14 </TD>
     <TD ALIGN="LEFT">Waiver of Landlord's Lien</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">15 </TD>
     <TD ALIGN="LEFT">Governmental Regulations</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">16 </TD>
     <TD ALIGN="LEFT">Environmental Matters</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">17 </TD>
     <TD ALIGN="LEFT">Construction of Demised Premises</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">18 </TD>
     <TD ALIGN="LEFT">Tenant Alterations and Additions</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">19 </TD>
     <TD ALIGN="LEFT">Services by Landlord</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">20 </TD>
     <TD ALIGN="LEFT">Fire and Other Casualty</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">21 </TD>
     <TD ALIGN="LEFT">Condemnation</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">22 </TD>
     <TD ALIGN="LEFT">Tenant's Default</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">23 </TD>
     <TD ALIGN="LEFT">Landlord's Right of Entry</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">24 </TD>
     <TD ALIGN="LEFT">Lender's Rights</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">25 </TD>
     <TD ALIGN="LEFT">Estoppel Certificate and Financial Statement</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">26 </TD>
     <TD ALIGN="LEFT">Landlord's Liability</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">27 </TD>
     <TD ALIGN="LEFT">Notices</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">28 </TD>
     <TD ALIGN="LEFT">Brokers</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">29 </TD>
     <TD ALIGN="LEFT">Assignment and Subleasing</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">30 </TD>
     <TD ALIGN="LEFT">Termination or Expiration</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">31 </TD>
     <TD ALIGN="LEFT">Reserved</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">32 </TD>
     <TD ALIGN="LEFT">Late Payments</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">33 </TD>
     <TD ALIGN="LEFT">Rules and Regulations</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">34 </TD>
     <TD ALIGN="LEFT">Quiet Enjoyment</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">35 </TD>
     <TD ALIGN="LEFT">Miscellaneous</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">36 </TD>
     <TD ALIGN="LEFT">Special Stipulations</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">37 </TD>
     <TD ALIGN="LEFT">Lease Date</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">38 </TD>
     <TD ALIGN="LEFT">Authority</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT">39 </TD>
     <TD ALIGN="LEFT">No Offer Until Executed</TD></TR>
</TABLE>

<P><FONT SIZE=3>  Exhibit "A"  Demised Premises<BR>
  Exhibit "B"  Preliminary Plans and Specifications/Work<BR>
  Exhibit "C"  Special Stipulations<BR>
  Exhibit "D"  Rules and Regulations<BR>
  Exhibit "E"  Certificate of Authority<BR>
  Exhibit "F"  Form of Guaranty<BR>
  Exhibit "G"  Form of Landlord Waiver and Consent</FONT></P>

<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>INDUSTRIAL LEASE AGREEMENT</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>BETWEEN</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>HAMILTON MILL BUSINESS CENTER, LLC</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>AS LANDLORD</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>AND</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>GLOBAL EQUIPMENT COMPANY, INC.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3>AS TENANT</FONT></P>

<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B>EXHIBIT A</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT SIZE=3>Demised Premises</FONT></H1>

<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B>EXHIBIT B</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT SIZE=3>Preliminary Plans and Specifications/Work </FONT></H1>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Building Address:</TD>
<TD WIDTH=65%>2505 Mill Center Parkway, Suite 100<BR>
Buford, GA  30518</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>
Demised Premises:</TD>
<TD WIDTH=65%>
517,628 square feet</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>
Tenant Areas:</TD>
<TD WIDTH=65%>Front Office - 25,000 SF<BR>
Warehouse Office - 4,000 SF<BR>
Warehouse - 488,628 SF</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Demised Premises<BR>
Dimensions:</TD>
<TD WIDTH=65%><BR>1,294' x 400'</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>
Column Spacing:</TD>
<TD WIDTH=65%>54' x 48'6   typical<BR>
54' x 60' in dock bays</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Clear Height:</TD>
<TD WIDTH=65%>34' clear, measured just inside the first joist at each staging bay walls.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Dock-High Doors:</TD>
<TD WIDTH=65%>One hundred twenty (120), 9' x 10' dock high doors are provided as depicted on
Exhibit A (67 on rear truck court and 53 on front truck court). All dock-high
doors will be equipped with dock bumpers and track guards.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Drive-In Doors:</TD>
<TD WIDTH=65%>Two (2), 14'x 16' motorized drive-in doors with ramps provided as indicated on
Exhibit A.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>
Power:</TD>
<TD WIDTH=65%>3000 AMP, 460V, 3-Phase. (1000 amps X 3 services evenly spaced
apart), three phase, four-wire electrical service shall be provided for building
lighting, power, and mechanical equipment. All warehouse lighting will be 480v.
Office lighting will be 277v. All equipment and panels (Square D brand) shall be
sized in accordance to NEC requirements.<BR>
In addition to warehouse lighting panels and utility panels (dock leveler,
convenience outlets etc.) Three (3) 200 amp 480/277 volt three phase panels with
110v/208v-200 amp sub panels shall be provided in separate locations anywhere in
the Demised Premises as indicated by Tenant. These panels will be used
exclusively for Tenant's use (no lighting, emergency lights nor outlets). A 200
amp 480/277 volt three phase panel with 110v/208v-200 amp sub panels shall be
provided by the warehouse office for general office use including warehouse
lunchroom outlets and five 20 amp-110v circuits for vending machines. There
shall be 30 convenience quad outlets 110volt/ 20amp dedicated and located in the
warehouse by Tenant. Each dock light shall be 110 volt and use a quad outlet for
power located next to each dock door for maintenance use. All 110v-208v panels
shall have 42 circuit capacity.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>
Car Parking:</TD>
<TD WIDTH=65%>
350 spaces provided, expandable to 450 as indicated on Exhibit A.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Trailer Parking:</TD>
<TD WIDTH=65%>
A total of fifty (50) trailer parking locations are provided; forty (40) in the
rear of truck court and ten (10) at rear dock wall, as indicated on Exhibit
A.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Exterior Walls:</TD>
<TD WIDTH=65%>The exterior walls are constructed of 71/4" un-insulated site cast concrete
panels with architectural reveals. Walls at Front Office have 150 LF of 9' store
front glass. Landlord will provide up to an additional 100 LF of punched
windows, coordinated with the architectural reveals and finish of the existing
store front glass for the Front Office Area. Interior Warehouse Walls: All
interior warehouse walls are painted white.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>
Truck Apron:</TD>
<TD WIDTH=65%>On both the front and rear truck court, Landlord will provide a
60' concrete apron adjacent to the dock wall. All dock-high doors will have a
continuous 4' canopy.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Concrete Slab:</TD>
<TD WIDTH=65%>The warehouse slab is constructed of 7" 4000psi concrete slab on grade with
dowel baskets at all construction joints and control joints. The slab is sealed
with two (2) coats of Pentra Sil, and meets a minimum FF35/FL25.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Roof:</TD>
<TD WIDTH=65%>The existing roof is a 45 mil, white TPO membrane, mechanically fastened system
with a 10-year warranty from the manufacturer. Insulation = R12. Roof access is
via an exterior ladder on the rear wall. The main roof pitches each way, with
drainage via traditional gutters and downspouts. The roof deck is primer white
on the interior.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>
Dock Equipment:</TD>
<TD WIDTH=65%>Landlord has included Rite Hite AL986 hydraulic, 30,000# levelers
at all 120 dock-high door locations. Phoenix #DL-INC dock lights are also
provided at all 120 dock-high door locations.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>
Compactor Doors:</TD>
<TD WIDTH=65%>
Two (2), 9' x 10' overhead door locations with electrical power shall be
provided. Compactors provided by Tenant.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Fire Protection<BR>
Warehouse:</TD>
<TD WIDTH=65%>ESFR, Factory Mutual acceptable. All extinguishers and hose
stations will be provided as required by code based on typical fully racked
Demised Premises.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Warehouse<BR>
Lighting:</TD>
<TD WIDTH=65%>
High performance high bay 277/ 480 volt fluorescent fixtures with 6-lamp, T-5HO
lamps and electronic instant start ballasts with optically efficient reflector
as manufactured by Orion Energy Services or approved equal. Fixtures wired with
reloc and controlled by contactors (switches by warehouse entrance) to provide
30 FC minimum. Fixtures to be on a 17'8" X 18' centers in the rack area (
beginning 60 feet off dock walls X length of building) and 20' X 20' @ loading
docks ( 60 feet from docks X length of building X both sides). Conventional,
centrally located lighting controls have been provided. Emergency lighting as
required by code will be installed by the Landlord.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Warehouse<BR>
Heat:</TD>
<TD WIDTH=65%>
Cambridge units shall provide 55(degree)interior temperature at 9(degree)outside
temperature minimum.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Warehouse<BR>
Ventilation:</TD>
<TD WIDTH=65%><BR>
Roof-mounted, up-blast fans interconnected to wall louvers to provide three (3)
air changes/hour minimum, controlled by 7 day (24 hour) timers.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Security<BR>
Fencing:</TD>
<TD WIDTH=65%><BR>
Not included.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Exterior<BR>
Lighting:</TD>
<TD WIDTH=65%><BR>
The exterior lighting, provided by wall packs, pole lights and building soffit
lighting will provide a 1.9FC average.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=35% ALIGN=LEFT>Paving<BR>
<U>Specifications</U>:</TD>
<TD WIDTH=65%>&nbsp;&nbsp;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT>Light Duty Asphalt:</TD>
<TD WIDTH=50%>5" stone base, 2" asphalt binder and 1" topping. This includes all
automobile parking areas shown in the site plan.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT>Heavy Duty Asphalt:</TD>
<TD WIDTH=50%>8" stone base with 2" asphalt binder and 1" topping. This includes the main
truck aisles and truck court.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT>Truck Apron:<BR>
Curb &amp; Gutter:</TD>
<TD WIDTH=50%>6" thick, 3500 psi, unreinforced concrete 60' deep. At all pavement edges.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B>EXHIBIT B </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>Preliminary Plans and Specifications </B><BR>
(Continued)</FONT></P>

<H1 ALIGN=LEFT><FONT SIZE=3><U>Front Office and Warehouse Office Specifications
shall be as follows:</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3><U>In the event the Preliminary Plans and Specifications do not
address a particular specification, then IDI&#146;s standard specifications
outlined in IDI&#146;s October 12, 2005 letter addressed to Raymond Stache shall
be provided.</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT SIZE=3><U>OFFICE ELECTRICAL:</U><BR>
<U>DISTRIBUTION:</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>In addition to an office lighting panel, three (3) 200 amp
110/208 distribution panels (42 circuits) shall be provided in general office
area in separate locations as indicated by Tenant. A separate 100 amp 100/208
volt (24 circuit) panel shall be located in the Computer/Telephone room. The use
of this panel will be exclusively for Tenant&#146;s computer system, telephone
system and a separate 5 ton A/C unit provided by Landlord. All other HVAC units
shall be wired to 480v/3ph panels with locations and usage determined by
Landlord. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Tenant will be supplied up to 120 duplex wall outlets for
general use and 10 dedicated 20 amp duplex outlets (lunchroom vending machines,
copiers, etc.). These outlets can be powered from Tenant&#146;s three (3) 200
amp panels. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>There shall be up to 50 dedicated circuits (110v-20 amp) for
open plan office partitions in the general office areas. All office partition
circuits will be ceiling or wall fed to power poles (by Tenant). All modular
wiring, data and telephone cabling and connections to be the responsibility of
Tenant. Telephone and data conduits only shall be run to all private offices,
receptionist, office lunch room, etc. This includes outlet box and conduit
termination above the ceiling. (All labor and material for the telephone and
data cable installation is excluded). A security system shall not be included.
</FONT></P>

<H1 ALIGN=LEFT><FONT SIZE=3><U>OFFICE LIGHTING:</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>In open office area (20,000 SF), light fixtures shall be Verve
II / Focal Point FV2S-SL3T8-1c-277 E-C24-TS4/TSS. This pendant fixture to be
mounted 8'0&#148; AFF in continuous rows on 7'0&#148; centers. All other areas
(5,000 SF) to have 2&#146; x 4&#146; recessed, high efficiency (Electronic
Ballast) three lamp fixture with parabolic lens, 32 watt energy savings bulbs
(T-8) shall be used. Light fixtures grid shall start a maximum of 2&#146; from
any wall. Office lighting shall have a 75 foot candle minimum throughout the
office area. One lighting contactor switch to turn on/off lighting shall be
provided by office entrance. </FONT></P>

<H1 ALIGN=LEFT><FONT SIZE=3><U>HVAC:</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Landlord will furnish and install roof top HVAC units with a
standard system of distribution ducts. Supply registers and diffuses, return
grills and associated fixtures servicing the office area (25,000 SF) and
warehouse office area (4,000 SF). The design criteria shall be as to handle the
heat load of the conditions of the building and 1 person per 75 SF in all office
areas. All units shall be designed with a (7) day programmable thermostats. A
separate 5 ton A/C cool only unit shall be provided for the Computer/Telephone
room, supplied with a low ambient control module with auto restart. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT SIZE=3><U>OFFICE FINISHES;</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT SIZE=3><U>CEILINGS:</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>All ceilings shall be 9&quot;0&#146; AFF, 20,000 SF shall use
24&#148; X24&#148; X 1&#148; Armstrong Optima &#150; Open Plan 3152 with
15/16&quot; standard ceiling grid. The remaining 5,000 SF shall use Armstrong
24&#148; X 24&#148; Cirrus Beveled Tegular with standard grid. </FONT></P>

<H1 ALIGN=LEFT><FONT SIZE=3><U>FLOOR COVERINGS:</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>A labor and material allowance of $30.00/SY shall be used to
provide and install carpet, VCT, ceramic tile and base throughout the offices.
</FONT></P>


<H1 ALIGN=LEFT><FONT SIZE=3><U>WALL COVERING:</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Required for all interior wall surfaces will be vinyl wall
covering except washroom plumbing walls (wet walls) which will be commercial
grade ceramic tile to ceiling. A material and installation allowance of $.75 per
surface square foot shall be used. Tenant will choose all wall coverings and may
choose as many as four different styles to use through out the office.
</FONT></P>

<H1 ALIGN=LEFT><FONT SIZE=3><U>INTERIOR DOORS AND WINDOWS:</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>All <U>office (only</U>) doors shall be 7'0&#148; high solid
core with birch veneer finished with stain and clear satin polyurethane. All
frames to be painted metal. Private offices shall have full height (7&#146;)
side lites (nominal 16&quot; wide) built into metal door jambs. All door
hardware shall be stainless steel. Locksets shall be ADA approved stainless
steel lever type as manufactured by Sargent (series 10) or approved equal. All
private offices shall have keyed lock entry. Master keying shall be included for
all building locks and keying schedule approved by Tenant. All interior exit and
entrance doors, opening into common areas shall include 5&#148; X 20&#148; glass
windows mounted in door and include commercial grade door closers. All exterior
office windows and interior door side lites to include Levelor blinds or
approved equal. </FONT></P>


<H1 ALIGN=LEFT><FONT SIZE=3><U>WAREHOUSE OFFICE FINISHES:</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>All flooring to be VCT. All doors to be painted steel flush
mount. All walls painted semi gloss. Ceiling to be standard 2x4 lay- in.
Lighting to be 2x4 recessed, high efficiency (Electronic Ballast) three lamp
fixture with parabolic lens. 32 watt energy savings bulbs (T-8). General
lighting should be 75 FC. Bathroom walls shall be concrete block up to 9&#146;
AFF with drywall ceiling. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT SIZE=3><U>WASHROOMS:</U> </FONT></H1>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%><B><U>OFFICE:</U></B><BR>
<BR>
All fixtures shall be American Standard or equal. Fixture count shall be
designed based on 1 person / 75 SF. Electric water coolers are to be provided on
common restroom walls and lunchroom. Washroom partitions shall be ceiling hung.
All washrooms will include floor drain. Washroom plumbing walls and floor shall
have a commercial grade ceramic tile. Color &amp;amp; style selected by Tenant.
Office baths to include shower facilities for both men and women with walls and
floor with ceramic tile and floor drain. A janitor closet shall be provided with
slop sink and floor drain.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%><B><U>WAREHOUSE:</U></B><BR>
<BR>
All fixtures shall be American Standard or equal. Fixture count (minimum) as per
detailed on &#147;General Building Requirements&#148;. One (1) electric water
cooler shall be provided on common restroom wall. <U>All </U>walls shall be
painted concrete block (8&#148;). Floors shall be VCT with floor drains. A
janitors closet shall be provided with slop sink and floor drain. Washrooms
partitions shall be floor mounted.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=90%><B><U>GAS SERVICE:</U></B><BR>
<BR>
Natural gas supplied to all HVAC units. </TD>
</TR>
</TABLE>
<BR>

<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B>EXHIBIT C</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT SIZE=3>Special Stipulations </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Special Stipulations set forth herein are hereby incorporated into the body
of the lease to which these Special Stipulations are attached (the
&#147;Lease&#148;), and to the extent of any conflict between these Special
Stipulations and the preceding language, these Special Stipulations shall govern
and control. </FONT></P>

<P><FONT SIZE=3>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Tenant&#146;s Early Occupancy</U>. If and to the extent permitted by
applicable laws, rules and ordinances, beginning on the Lease Date Tenant shall
have the right to enter the Demised Premises in order to install racking and
otherwise prepare the Demised Premises for occupancy; provided that during said
periods: (i) Tenant shall comply with all terms and conditions of this Lease
other than the obligation to pay rent, (ii) Tenant shall not interfere with
Landlord&#146;s completion of the Demised Premises, (iii) Tenant shall not use
or occupy the office portion of the Demised Premises or begin operation of its
business, and (iv) the installation of any items by Tenant in the Demised
Premises during said period, including, without limitation, racking, fixtures,
equipment, cabling and furniture, shall be subject to the prior written consent
of Landlord, which consent may be withheld in Landlord&#146;s sole discretion,
and shall be in compliance with all laws and codes. Notwithstanding anything to
the contrary contained herein, Tenant does hereby expressly acknowledge and
agree that the storage and installation of fixtures and personal property
(including equipment) in the Demised Premises shall be at Tenant&#146;s sole
risk, cost and expense, and that Landlord shall not be liable for and Tenant
hereby releases Landlord from any and all liability for theft thereof or any
damage thereto occasioned by any act of God or by any acts, omissions or
negligence of any persons. Tenant does hereby further agree to indemnify, defend
(with counsel reasonably acceptable to Landlord), and hold harmless Landlord and
its employees, officers, directors, agents and contractors from and against any
and all claims, liabilities, losses, actions, causes of action, demands, costs
and expenses (including, without limitation, attorneys&#146; fees at the trial
and appellate levels) of any and every nature arising out of or in any way
relating to Tenant&#146;s storage and installation of said fixtures and personal
property as provided herein.</FONT></P>


<P><FONT SIZE=3>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Right of First Refusal to Lease</U>. So long as the Lease is in full force
and effect and no Event of Default has occurred and is then continuing and no
facts or circumstances then exist which, with the giving of notice or the
passage of time, or both, would constitute an Event of Default, Landlord hereby
grants to Tenant a right of first refusal (the &#147;Right of First
Refusal&#148;) to expand the Demised Premises to include space in the Building
that directly adjoins the Demised Premises (the &#147;Refusal Space&#148;)
subject to the terms and conditions set forth herein.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Tenant&#146;s and any guarantor&#146;s then current financial condition, as
revealed by its most current financial statements (which shall include quarterly
and annual financial statements, including income statements, balance sheets,
and cash flow statements, as required by Landlord), must demonstrate either that
each of Tenant&#146;s and such guarantor&#146;s net worth is at least equal to
its net worth at the time the Lease was signed; or that Tenant and such
guarantor otherwise meet financial criteria acceptable to Landlord.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term of the Right of First Refusal shall
commence on the Lease Date and continue throughout the initial Term (the
&#147;First Refusal Period&#148;), unless sooner terminated pursuant to the
terms hereof.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the other terms of this Right of First Refusal, after any part of the
Refusal Space has or will &#147;become available&#148; (as defined herein) for
leasing by Landlord, Landlord shall not, during the First Refusal Period, lease
to a third party that available portion of the Refusal Space (the
&#147;Available Refusal Space&#148;) without first offering Tenant the right to
lease such Available Refusal Space as set forth herein.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Space shall be deemed to &#147;become available&#148; when Landlord desires to
lease all or a portion of the Refusal Space.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding subsection c(i) above, Refusal Space shall not be deemed to
&#147;become available&#148; if the space is (a) assigned or subleased by the
current tenant of the space; or (b) re-let by the current tenant or permitted
subtenant of the space by renewal, extension, or renegotiation or (c) leased on
a temporary basis for a period of less than twelve (12) months without any right
to extend.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consistent with subsection (c), Landlord shall not lease any such Available
Refusal Space to a third party unless and until Landlord has first offered the
Available Refusal Space to Tenant in writing (the &#147;Offer&#148;). The Offer
shall contain (i) a description of the Available Refusal Space (which
description shall include the square footage amount and location of such
Available Refusal Space) and an attached floor plan that shows the Available
Refusal Space; (ii) the date on which Landlord expects the Available Refusal
Space to become available; (iii) the base rent for the Available Refusal Space;
and (iv) the term for the Available Refusal Space (which shall be no less than
the remainder of the Term of this Lease then in effect). Upon receipt of the
Offer, Tenant shall have the right, for a period of three (3) calendar days
after receipt of the Offer, to exercise the Right of First Refusal by giving
Landlord written notice that Tenant desires to lease the Available Refusal Space
at the base rent and upon the special terms and conditions as are contained in
the Offer. If the term of the Available Refusal Space expires after the Term of
the Lease, the Term of the Lease shall be extended to be coterminous with the
term of the Available Refusal Space and the Annual Base Rent per square foot for
the existing Demised Premises during said extension shall be based upon the
greater of (i) the base rent per square foot for the Available Refusal Space or
(ii) the Annual&nbsp;Base Rent per square foot of the Demised Premises for the
last year of the Term (including any escalation which would have occurred during
any extension of the Term pursuant to Special Stipulation 3 hereof). If Tenant
has an extension option under this Lease and the Term of this Lease is deemed
extended to be coterminous with the expiration date set forth in the Offer, then
the applicable extension option shall be deemed exercised in its entirety and to
thereafter be of no further force or effect.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If, within such three (3)-day period, Tenant exercises the Right of First
Refusal, then Landlord and Tenant shall amend the Lease to include the Available
Refusal Space subject to the same terms and conditions as the Lease, as
modified, with respect to the Available Refusal Space, by the terms and
conditions of the Offer. If this Lease is guaranteed now or at anytime in the
future, Tenant simultaneously shall deliver to Landlord an original, signed, and
notarized reaffirmation of each Guarantor&#146;s personal guaranty, in form and
substance acceptable to Landlord.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If, within such three (3)-day period, Tenant declines or fails to exercise the
Right of First Refusal, Landlord shall then have the right to lease the
Available Refusal Space in portions or in its entirety to a third party,
unrelated to and unaffiliated with Landlord, at any time without regard to the
restrictions in this Right of First Refusal and on whatever terms and conditions
Landlord may decide in its sole discretion, provided the base rent (as adjusted
to account for any changes in the tenant improvement allowance), additional rent
and any rent concessions are not substantially more favorable to such tenant
than those set forth in the Offer, without again complying with all the
provisions of this Right of First Refusal.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that the Available Refusal Space is leased to such a third party,
this Right of First Refusal shall be subordinate to any extension or renewal
options contained in said lease. Further, if at the end of the term of said
third party lease, said third party tenant desires to remain in the Refusal
Space, Landlord shall be entitled to renew said lease and this Right of First
Refusal shall be subject and subordinate to said renewal.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If Landlord desires to lease the Available Refusal Space at a base rent rate
substantially less than the base rent rate set forth in the Offer (provided,
that if the base rent rate is at least ninety percent (90%) of the base rent
rate set forth in the Offer, said base rent rate shall be conclusively deemed to
be not substantially less than the base rent set forth in the Offer), or if
Landlord desires to materially alter or modify the special terms and conditions
of the Offer, if any, Landlord shall be required to present the altered or
modified Offer to Tenant pursuant to this Right of First Refusal, in the same
manner that the original Offer was submitted to Tenant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Right of First Refusal is personal to Systemax, Inc. and shall become null
and void upon the occurrence of an assignment of Tenant&#146;s interest in the
Lease or a sublet of all or a part of the Demised Premises.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Right of First Refusal shall be null and void if Tenant is a holdover
Tenant pursuant to Section 30(c) of the Lease at the time Landlord is required
to notify Tenant of the Offer or at the time Tenant exercises its Right of
Refusal.</FONT></P>

<P><FONT SIZE=3>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Option to Extend Term</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Landlord hereby grants to Tenant two (2) consecutive options to extend the Term
for a period of five (5) years each time, each option to be exercised by Tenant
giving written notice of its exercise to Landlord in the manner provided in this
Lease at least one hundred eighty (180) days prior to (but not more than two
hundred ten (210) days prior to) the expiration of the Term, as it may have been
previously extended. No extension option may be exercised by Tenant if an Event
of Default has occurred and is then continuing or any facts or circumstances
then exist which, with the giving of notice or the passage of time, or both,
would constitute an Event of Default either at the time of exercise of the
option or at the time the applicable Term would otherwise have expired if the
applicable option had not been exercised.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If Tenant exercises its first option to extend the Term, Landlord shall, within
thirty (30) days after the receipt of Tenant&#146;s notice of exercise, notify
Tenant in writing of Landlord&#146;s reasonable determination of the Base Rent
for the Demised Premises during the first Extension Term, which amount shall not
be less than the Base Rent for the prior Term nor greater than $3.85 per square
foot, taking into account all relevant factors for space of this type in the
Buford, Georgia area. The Base Rent for the Demised Premises during the first
Extension Term shall be the Base Rent set forth in Landlord&#146;s notice to
Tenant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If Tenant exercises its second option to extend the Term, Landlord shall, within
thirty (30) days after the receipt of Tenant&#146;s notice of exercise, notify
Tenant in writing of Landlord&#146;s reasonable determination of the Base Rent
for the Demised Premises during the second Extension Term, which amount shall
not be less than the Base Rent for the prior Term (as previously extended),
taking into account all relevant factors for space of this type in the Buford,
Georgia area. Tenant shall have thirty (30) days from its receipt of
Landlord&#146;s notice to notify Landlord in writing that Tenant does not agree
with Landlord&#146;s determination of the Base Rent and therefore that Tenant
elects to retract its second option to extend the Term, in which case the Term,
as it may have been previously extended, shall expire on its scheduled
expiration date and Tenant&#146;s second option to extend the Term shall be void
and of no further force and effect. If Tenant does not notify Landlord of such
retraction within thirty (30) days of its receipt of Landlord&#146;s notice,
Base Rent for the Demised Premises during the second Extension Term shall be the
Base Rent set forth in Landlord&#146;s notice to Tenant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding anything herein to the contrary, at the time Tenant exercises
its first extension option, Tenant may elect in writing to extend the Term at
that time for a period of ten (10) years, in which case Tenant&#146;s second
option to extend the Term for a period of five (5) years shall be void and of no
further force and effect. If Tenant so elects to extend the Term for a period of
ten (10) years, Landlord shall, within thirty (30) days after the receipt of
Tenant&#146;s notice of exercise, notify Tenant in writing of Landlord&#146;s
reasonable determination of the Base Rent for the Demised Premises for the ten
(10) year extension term, which amount shall not be less than the Base Rent for
the prior Term nor greater than (i)&nbsp;$3.85 per square foot for the first
five (5) years of such ten (10) year extension term, or (ii)&nbsp;$4.43 per
square foot for the second five (5) years of such ten (10) year extension term,
taking into account all relevant factors for space of this type in the Buford,
Georgia area. The Base Rent for the Demised Premises during the ten (10) year
extension term shall be the Base Rent set forth in Landlord&#146;s notice to
Tenant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except for the Base Rent, which shall be determined as set forth in
subparagraphs (b) and (c) or (d) above, leasing of the Demised Premises by
Tenant for the applicable extended term shall be subject to all of the same
terms and conditions set forth in this Lease, including Tenant&#146;s obligation
to pay Tenant&#146;s share of Operating Expenses as provided in this Lease;
provided, however, that any improvement allowances, rent abatements or other
concessions applicable to the Demised Premises during the initial Term shall not
be applicable during any such extended term, nor shall Tenant have any
additional extension options unless expressly provided for in this Lease.
Landlord and Tenant shall enter into an amendment to this Lease to evidence
Tenant&#146;s exercise of its renewal option. If this Lease is guaranteed, it
shall be a condition of Landlord&#146;s granting the renewal that Tenant deliver
to Landlord a reaffirmation of the guaranty in which the guarantor acknowledges
Tenant&#146;s exercise of its renewal option and reaffirms that the guaranty is
in full force and effect and applies to said renewal.</FONT></P>

<P><FONT SIZE=3>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Building Compliance with Laws</U>. Landlord represents and warrants to Tenant
that, to Landlord&#146;s actual knowledge, the design and construction of the
Building materially complies with all applicable federal, state, county and
municipal laws, ordinances and codes in effect as of the Lease Date, excepting
therefrom any requirements related to Tenant&#146;s specific use of the Demised
Premises.</FONT></P>

<P><FONT SIZE=3>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Landlord&#146;s and Tenant&#146;s Compliance with ADA</U>. Subject to the
last sentence hereof, Landlord, at its sole cost and expense, shall be
responsible for causing the Building and Demised Premises to comply with Title
III of the Americans With Disabilities Act of 1990 (the &#147;ADA&#148;), or the
regulations promulgated thereunder (as said Title III is in effect and pertains
to the general public), as of the Lease Commencement Date. During the Term,
Tenant hereby agrees that it shall be responsible, at its sole cost and expense,
for (a) causing the Building, the Building Common Area and the Demised Premises
to comply with Title III of the ADA as a result of (i) any special requirements
of the ADA relating to accommodations for individual employees, invitees and/or
guests of Tenant and (ii) any improvements or alterations made to the Demised
Premises by Tenant, and (b) complying with all obligations of Tenant under Title
I of the ADA.</FONT></P>

<P><FONT SIZE=3>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Environmental Matters</U>. Landlord shall indemnify Tenant and hold Tenant
harmless from and against any and all expenses, losses and liabilities actually
suffered by Tenant (with the exception of any and all consequential damages,
including but not limited to the loss of use of the Demised Premises, lost
profits and loss of business, and those expenses, losses, and liabilities
arising from the negligence or willful act of Tenant or Tenant&#146;s
Affiliates) as a result of a governmental authority having jurisdiction ordering
a cleanup, removal or other remediation by Tenant of any Hazardous Substances
placed on, under or about the Demised Premises by Landlord. Notwithstanding the
foregoing, Landlord shall have the right to undertake and perform any studying,
remedying, removing or disposing of, or otherwise addressing, any Contamination
which is the responsibility of Landlord hereunder and to control all
communications with regulatory or governmental agencies with respect thereto,
and Tenant shall not perform such acts and communications nor be entitled to any
indemnification hereunder unless (w) Tenant is specifically required by
Environmental Laws to perform such acts, (x) Tenant notifies Landlord of such
Contamination promptly after Tenant has actual knowledge or reasonable belief of
its existence, (y) Tenant promptly provides copies to Landlord of any notices
given or received by Tenant related to such Contamination and (z) Landlord has
failed or refused to perform such acts and communications after having been
afforded reasonable written notice by Tenant and having had reasonable
opportunity to perform such acts and communications.</FONT></P>

<P><FONT SIZE=3>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Landlord Insurance</U>. Landlord shall maintain at all times during the Term
of this Lease, with such deductible as Landlord in its sole judgment determines
advisable, insurance on the &#147;Special Form&#148; or equivalent form on a
Replacement Cost Basis against loss or damage to the Building. Such insurance
shall be in the amount of 100% of the replacement value of the Building
(excluding all fixtures and property required to be insured by Tenant under this
Lease). Landlord shall also maintain at all times during the Term commercial
general liability insurance with limits at least equal to the amount as Tenant
is required to maintain pursuant to Section 8(a)(i) of this Lease.</FONT></P>

<P><FONT SIZE=3>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Assignment of Landlord&#146;s Warranties</U>. Landlord grants to Tenant,
until the expiration or earlier termination of the Term, without recourse or
warranty, a non-exclusive right during the Term to exercise Landlord&#146;s
rights under any warranties obtained with respect to the heating, ventilation
and air conditioning system, or any other portions of the improvements within
the Demised Premises required to be maintained or repaired by Tenant pursuant to
this Lease.</FONT></P>

<P><FONT SIZE=3>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Operating Expenses &#151; Cap on Controllable Expenses</U>. Beginning after
the second (2nd) full calendar year during the Primary Term, in the event that
the amount of Operating Expenses for the Building attributable to all items
<U>other</U> <U>than</U> taxes, utilities, insurance (including any commercially
reasonable deductibles), snow removal, management fees and charges assessed
against or attributed to the Building pursuant to any applicable declaration of
protective covenants (Operating Expenses attributable to all such other items
being referred to collectively herein as &#147;Controllable Expenses&#148;) in
any calendar year after such second (2nd) full calendar year<I>
</I><I></I>exceeds the amount attributable to Controllable Expenses for the
Building during the immediately preceding calendar year by more than seven
percent (7%) (the &#147;Cap&#148;), then the amount attributable to Controllable
Expenses for the Building, for purposes of determining the amount of
Tenant&#146;s proportionate share of Operating Expenses only (as Tenant&#146;s
proportionate share may have been adjusted to account for any changes in the
size of the Demised Premises due to expansions or contractions), shall be
limited to the amount attributable to Controllable Expenses for the Building for
the immediately preceding calendar year multiplied by the sum of one hundred
percent (100%) and the Cap. If the Building was not fully leased during such
immediately preceding calendar year, then Operating Expenses for the Building
shall be &#147;grossed -up&#148; (as if the Building had been fully leased for
the entirety of such immediately preceding calendar year) on such basis as
Landlord may reasonably determine for purposes of determining the application of
this Special Stipulation to the year in question.</FONT></P>

<P><FONT SIZE=3>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Lease Guaranty</U>. Simultaneously with the execution of this Lease by
Tenant, Tenant shall cause Systemax, Inc. to execute and deliver to Landlord a
Guaranty in the form attached hereto as <U>Exhibit F</U> and by this reference
made a part hereof.<U></U></FONT></P>

<P><FONT SIZE=3>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Option to Purchase</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Landlord hereby grants to Tenant the exclusive option and right (the
&#147;Purchase Option&#148;) to purchase the Building and related land
containing approximately 40.9 acres (collectively, the &#147;Premises&#148;)
from Landlord upon the terms and conditions set forth herein. The Purchase
Option may not be exercised by Tenant if an Event of Default is then continuing
at the time of exercise of the Purchase Option .</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Purchase Option shall be exercisable at any time from the Lease Date through
5:00 p.m. Eastern time on April 1, 2006 (the &#147;Option Date&#148;).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The purchase price (the &#147;Purchase Price&#148;) of the Premises in the event
the Purchase Option is properly and timely exercised shall be the sum of (i)
$29,400,000.00, (ii) all accrued and unpaid interest together with the cost of
any Change Orders or other additional tenant improvements which has not yet been
paid for by Tenant pursuant to the terms of the Lease, (iii) all costs and
expenses incurred by Landlord in constructing improvements in the Refusal Space
in the event Tenant exercises its Right of First Refusal pursuant to the terms
of Special Stipulation 2 above, and (iv) any additional sums owed by Tenant to
Landlord under the terms of the Lease. The Purchase Price (less the Earnest
Money, as hereinafter defined) shall be payable in cash or immediately available
funds at Closing (as hereinafter defined). For purposes of this Special
Stipulation 11, the cost of the construction of the improvements in the Refusal
Space shall be deemed to include, but not be limited to, the cost of the plans
and specifications for such improvements, permits and all tenant buildout,
including without limitation demising walls, utilities, the heating, ventilating
and air conditioning system and ten percent (10%) of all such costs as
Landlord&#146;s overhead.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Purchase Option may be exercised by Tenant, on or before the Option Date, by
(i) giving written notice (the &#147;Option Notice&#148;) to Landlord of such
exercise and (ii) simultaneously delivering to First American Title Insurance
Company (&#147;Escrow Agent&#148;) the sum of $500,000.00 as security for
Tenant&#146;s faithful performance of its obligations hereunder (the
&#147;Earnest Money&#148;), which amount, together with any interest earned
thereon, shall be applied as a credit against the Purchase Price in the event of
a Closing hereunder or otherwise disbursed by Escrow Agent pursuant to the terms
of this Special Stipulation 11. If Tenant shall fail to exercise the Purchase
Option by the Option Date, the Purchase Option shall terminate.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that Tenant timely exercises the Purchase Option, Tenant and its
agents shall have the right, from time to time prior to the Closing, to examine
the Premises and the condition thereof, and to conduct such surveys and to make
such engineering and other inspections, tests and studies as Tenant shall
determine to be reasonably necessary, all at Tenant&#146;s sole cost and
expense; <U>provided</U>, <U>however</U>, Tenant shall not conduct any
environmental investigations of the Land beyond a Phase I environmental site
assessment (i.e. no sampling or drilling) without first obtaining
Landlord&#146;s prior written consent, which consent shall not be unreasonably
withheld, delayed or conditioned. Tenant agrees to give Landlord reasonable
advance notice of such examinations or surveys and to conduct such examinations
or surveys during normal business hours. Unless Landlord waives such right in
writing, a representative of Landlord must be present with Tenant during all
examinations or surveys of the Premises conducted by Tenant. Tenant agrees to
conduct all examinations and surveys of the Premises in a manner that will not
harm or damage the Premises, and agrees to restore the Premises to its condition
prior to any such examinations or surveys immediately after conducting the same.
Tenant hereby indemnifies and holds Landlord harmless from and against any
claims for injury or death to persons, damage to property or other losses,
damages or claims, including, in each instance, attorneys&#146; fees and
litigation costs, arising out of any action of any person or firm entering the
Premises on Tenant&#146;s behalf as aforesaid, which indemnity shall survive the
Closing or any termination of this Purchase Option or the Lease without the
Closing having occurred.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding Tenant&#146;s right of inspection contained in sub-paragraph (e)
above, Tenant shall have until May 1, 2006 (the &#147;Inspection Date&#148;) in
which to make such investigations and studies with respect to the Premises as
Tenant deems appropriate, and to terminate the Purchase Option, by written
notice to Landlord, to be received on or before the Inspection Date, if Tenant
is not, for any reason satisfied with the Premises. If Tenant fails to give
notice of such termination to be received by Landlord on or before the
Inspection Date, then Tenant&#146;s rights under this sub-paragraph (f) shall be
deemed to have been waived by Tenant and the Purchase Option shall remain in
full force and effect without any longer being subject to this sub-paragraph
(f). If Tenant does give notice of termination, $100 of the Earnest Money shall
be paid to Landlord for the rights granted Tenant hereunder and the balance of
the Earnest Money shall be refunded to Tenant by Escrow Agent, and the parties
shall have no further rights or obligations under this Special Stipulation 11,
except for those which expressly survive any such termination, and thereafter,
Tenant shall promptly provide to Landlord, without charge, copies of any
reports, surveys, drawings, tests or other written documents obtained by Tenant
with respect to the Premises.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Provided that all of the conditions set forth herein are theretofore fully
satisfied, and provided that Tenant has not previously terminated this Purchase
Option pursuant to the terms of sub-paragraph (f) above, the closing or
settlement (&#147;Closing&#148;) of the sale of the Premises contemplated hereby
shall be held at the offices of Landlord&#146;s attorney, during regular
business hours on or before the date which is thirty (30) calendar days
following Substantial Completion. The exact time and date of Closing shall be
selected by Tenant by written notice given to Landlord at least five (5) days
prior to the date so specified. If Tenant shall fail to close by such date, the
Purchase Option shall terminate and Landlord shall be entitled, as its sole and
exclusive remedy hereunder, to receive the Earnest Money as full liquidated
damages for such default, whereupon this Purchase Option shall terminate and the
parties shall have no further rights or obligations hereunder, except for those
which expressly survive any such termination. The parties hereby acknowledge the
difficulty of ascertaining Landlord&#146;s actual damages in such circumstance
and agree, after discussion, that the Earnest Money represents a good faith
estimate thereof and is not intended as a penalty, but as full liquidated
damages pursuant to O.C.G.A. Section 13-6-7. Tenant covenants not to bring any
action or suit challenging the amount of liquidated damages provided hereunder
in the event of such default. This provision shall expressly survive the
termination of this Special Stipulation 11 and the Lease.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At Closing, Landlord shall convey fee simple title to the Premises to Tenant by
limited warranty deed, which shall expressly be made subject to all matters of
record except for past due monetary liens created by Landlord and any security
deeds, mortgages, deeds of trust or other financing created by Landlord, which
Landlord shall be obligated to pay off and discharge at Closing. Landlord shall
execute and deliver reasonable evidence of authority and existence, evidence of
non-foreign status required by the Internal Revenue Code (without which tax will
be withheld as required by law), a closing statement, an owner&#146;s affidavit
of title (in substantially the form required by a national title insurance
company reasonably approved by Landlord (the &#147;Title Company&#148;)), a
state transfer tax declaration and other documents which are customarily
required by the Title Company at the time of Closing to issue its owner&#146;s
title insurance policy. Landlord shall pay the State transfer tax payable in
connection with conveyance of the Premises. All other costs of Closing,
including, without limitation, all title insurance costs, survey, recording and
other due diligence expenses shall be paid by Tenant. Ad valorem taxes assessed
against the Premises for the year in which the Closing occurs shall be prorated
as of the day of Closing.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At Closing, Landlord shall warrant to Tenant that the materials and equipment
furnished by Landlord&#146;s contractors in the completion of Landlord&#146;s
Work will be of good quality and new, that during the one period following the
date of Substantial Completion of Landlord&#146;s Work, such materials and
equipment and the work of such contractors shall be free from defects not
inherent in the quality required or permitted under the Lease, and that such
work will conform to the Plans and Specifications described in the Lease. This
warranty shall exclude damages or defects caused by abuse by Tenant and
Tenant&#146;s Affiliates, improper or insufficient maintenance, improper
operation, or normal wear and tear under normal usage. Upon the expiration of
the aforementioned one year warranty, Landlord shall grant to Tenant, without
recourse or warranty, a non-exclusive right to exercise Landlord&#146;s rights
under any warranties obtained with respect to the roof, heating, ventilation and
air conditioning system, or any other portions of the Building. Landlord shall
obtain a minimum ten (10) year roof warranty</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Landlord and Tenant each warrant and represent to the other that neither has
employed or otherwise engaged a real estate broker or agent in connection with
the sale of the Premises pursuant to the Purchase Option, and the parties agree
to execute an affidavit to that effect at the Closing. Landlord and Tenant
covenant and agree, each to the other, to indemnify the other against any loss,
liability, costs (including reasonable attorneys&#146; fees), claims, demands,
causes of action and suits arising out of the alleged employment or engagement
by the indemnifying party of any real estate broker or agent in connection with
the Purchase Option. The indemnities contained in this subsection (j) shall
survive Closing and any termination of this Lease.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding anything contained in this Special Stipulation 11 to the
contrary, in the event (i) the Lease is terminated for any reason prior to the
exercise of the Purchase Option by Tenant, or (ii) Tenant fails to timely
exercise the Right of First Refusal pursuant to the terms of Special Stipulation
2 above, then the Purchase Option shall terminate. This Purchase Option is
personal to Global Equipment Company, Inc. and those permitted assignees under
Section 29(b) hereof, and shall automatically terminate and be of no further
force and effect if Global Equipment Company, Inc. assigns or sublets all or any
portion of its interest in this Lease except as set forth in that Section. This
Purchase Option may not be assigned by Global Equipment Company, Inc. regardless
of whether Global Equipment Company, Inc. is the Tenant under this Lease.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that Tenant fails to timely exercise the Purchase Option by the
Option Date or if this Purchase Option should otherwise terminate, Landlord and
Tenant agree to enter into an Amended and Restated Industrial Lease Agreement,
on all the same terms and conditions as this Lease, except for the omission of
this Special Stipulation 11 and any other reference to the Purchase Option
contained in this Lease.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
12.&nbsp;&nbsp;&nbsp;&nbsp;
<U>Substantial Completion</U>. Notwithstanding anything herein to the contrary
(and only on the condition that Hewlett-Packard Company completes the purchase
of the building located at 120 Satellite Blvd, Suwanee, GA from Tenant&#146;s
affiliate, Systemax Suwanee LLC), (a) in the event that the date of Substantial
Completion occurs prior to April 1, 2006, Tenant hereby covenants and agrees to
pay Landlord the sum of (i) $10,000.00 per day for each day between the date of
Substantial Completion and March 31, 2006, inclusive; plus (ii) $150,000.00, and
(B) in the event that the date of Substantial Completion occurs between April 1,
2006 and April 30, 2006, Tenant hereby covenants and agrees to pay Landlord the
sum of $5,000.00 per day for each day between the date of Substantial Completion
and April 30, 2006, inclusive. Tenant agrees to deliver to Landlord any amount
due Landlord under this Special Stipulation 12 within thirty (30) days following
the date of Substantial Completion. Failure by Tenant to timely make such
payment to Landlord shall be an automatic Event of Default hereunder.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B>EXHIBIT D</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT SIZE=3>Rules And Regulations </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>These Rules and Regulations have been adopted by Landlord for
the mutual benefit and protection of all the tenants of the Building in order to
insure the safety, care and cleanliness of the Building and the preservation of
order therein. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;
The sidewalks shall not be obstructed or used for any purpose other than ingress
and egress. No tenant and no employees of any tenant shall go upon the roof of
the Building without the consent of Landlord.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;
No awnings or other projections shall be attached to the outside walls of the
Building.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;
The plumbing fixtures shall not be used for any purpose other than those for
which they were constructed, and no sweepings, rubbish, rags or other
substances, including Hazardous Substances, shall be thrown therein.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp;&nbsp;
No tenant shall cause or permit any objectionable or offensive odors to be
emitted from the Demised Premises.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;&nbsp;&nbsp;&nbsp;
The Demised Premises shall not be used for (i) an auction, &#147;fire
sale&#148;, &#147;liquidation sale&#148;, &#147;going out of business sale&#148;
or any similar such sale or activity, (ii) lodging or sleeping, or (iii) any
immoral or illegal purposes.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;&nbsp;&nbsp;
No tenant shall make, or permit to be made any unseemly or disturbing noises,
sounds or vibrations or disturb or interfere with tenants of this or neighboring
buildings or premises or those having business with them.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp;&nbsp;&nbsp;&nbsp;
Each tenant must, upon the termination of this tenancy, return to the Landlord
all keys of stores, offices, and rooms, either furnished to, or otherwise
procured by, such tenant, and in the event of the loss of any keys so furnished,
such tenant shall pay to the Landlord the cost of replacing the same or of
changing the lock or locks opened by such lost key if Landlord shall deem it
necessary to make such change.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.&nbsp;&nbsp;&nbsp;&nbsp;
Canvassing, soliciting and peddling in the Building and the Project are
prohibited and each tenant shall cooperate to prevent such activity.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.&nbsp;&nbsp;&nbsp;&nbsp;
Landlord will direct electricians as to where and how telephone or telegraph
wires are to be introduced. No boring or cutting in any structural element of
the Building for wires or stringing of wires will be allowed without written
consent of Landlord, which consent shall not be unreasonably withheld or
delayed. The location of telephones, call boxes and other office equipment
affixed to the Demised Premises shall be subject to the approval of Landlord.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.&nbsp;&nbsp;&nbsp;&nbsp;
Parking spaces associated with the Building are intended for the exclusive use
of passenger automobiles. Except for intermittent deliveries, no vehicles other
than passenger automobiles may be parked in a parking space (other than spaces
expressly designated on the Plans for truck parking) without the express written
permission of Landlord. Trucks may be parked only in truck dock positions and in
other paved areas expressly designated for such purpose in the Plans. Trailers
may be parked only in paved areas expressly designated for such purpose in the
Plans. Neither trucks nor trailers may be parked or staged in (i)&nbsp;areas
adjacent to truck docks, serving any portion of the Building, which are intended
by Landlord for truck maneuvering or (ii)&nbsp;any driveway, drive aisle or
other paved area which provides ingress or egress for cars or trucks to or from
any portion of the Building or any street adjoining the Building.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.&nbsp;&nbsp;&nbsp;&nbsp;
No tenant shall use any area within the Project for storage purposes other than
the interior of the Demised Premises.</FONT></P>

<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>EXHIBIT E</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>CERTIFICATE OF AUTHORITY<BR>
CORPORATION</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned, Secretary of Global Equipment Company, Inc., a New York
corporation (&#147;Tenant&#148;), hereby certifies as follows to Hamilton Mill Business
Center, LLC, a Delaware limited liability company (&#147;Landlord&#148;), in connection
with Tenant&#146;s proposed lease of premises in Building M, at Hamilton Mill Business
Center, Gwinnett County, Georgia (the &#147;Premises&#148;): </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Tenant is duly organized, validly existing and in good standing under the laws
of the State of New York, and duly qualified to do business in the State of
Georgia.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That the following named persons, acting individually, are each authorized and
empowered to negotiate and execute, on behalf of Tenant, a lease of the Premises
and that the signature opposite the name of each individual is an authentic
signature:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(name)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(title)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(signature)</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(name)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(title)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(signature)</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(name)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(title)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(signature)</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That the foregoing authority was conferred upon the person(s) named above by the
Board of Directors of Tenant, at a duly convened meeting held _____________,
200__.</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>________________________________<BR>
Secretary<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;[CORPORATE SEAL]</TD>
</TR>
</TABLE>
<BR>

<PAGE>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT SIZE=3>EXHIBIT F</FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT SIZE=3>FORM OF GUARANTY</FONT></H1>

<H1 ALIGN=CENTER><FONT SIZE=3>GUARANTY</FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THIS GUARANTY (this &#147;Guaranty&#148;), made and entered into this ___
day of ________, 2005, by SYSTEMAX, INC., a Delaware corporation (hereinafter referred to
as &#147;Guarantor&#148;) in favor of HAMILTON MILL BUSINESS CENTER, LLC, a Delaware
limited liability company (hereinafter called &#147;Landlord&#148;) and any subsequent
owner or holder of the Lease (as hereinafter defined). </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><U>R</U>&nbsp;<U>E</U>&nbsp;<U>C</U>&nbsp;<U>I</U>&nbsp;<U>T</U>&nbsp;<U>A</U>&nbsp;<U>L</U>&nbsp;<U>S</U>:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>Landlord has entered into an Industrial Lease Agreement
(&#147;Lease&#148;) with Global Equipment Company, Inc. (&#147;Tenant&#148;), in which
Guarantor has a direct or indirect financial interest or affiliation, which Lease was
executed by Tenant on ____________, 2005, and provides for the leasing to Tenant of
approximately 517,628 square feet of space in a building located in Hamilton Mil Business
Center, in Gwinnett County, Georgia; and </TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>
Landlord will not enter into the Lease unless Guarantor guarantees the
obligations of Tenant under the Lease as set forth herein; and</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>
Guarantor derives benefits from the Lease to Tenant.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOW THEREFORE, as a material inducement to Landlord to enter into the
Lease with Tenant, and for other good and valuable consideration, the receipt and
sufficiency of all of which are hereby acknowledged and confessed, Guarantor does hereby,
irrevocably and unconditionally, warrant and represent unto and covenant and agree with
Landlord as follows: </FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Guaranty</U> &#151; Guarantor hereby unconditionally guarantees the full,
faithful and punctual payment of all rent, additional rent and other amounts due
to Landlord under the Lease (including during any holdover period) by Tenant and
the full, faithful and punctual performance by Tenant of all the terms,
provisions and conditions of the Lease (including during any holdover period),
together with interest or late charges on all of the foregoing as provided in
the Lease and all other costs and expenses of collection (all of the foregoing
sometimes hereinafter referred to as the &#147;Obligations&#148;).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>No Discharge</U> &#151; This Guaranty by Guarantor shall continue for the
benefit of Landlord notwithstanding (a)&nbsp;any extension, modification,
amendment or alteration of the Lease, (b)&nbsp;any assignment of the Lease, with
or without the consent of Landlord, (c) any bankruptcy, reorganization, or
insolvency of Tenant or any successor or assignee thereof, or (d)&nbsp;any
release, extension or modification of the liability of Tenant or any other party
liable under the Lease or any other guaranty of the Lease. This Guaranty shall
in all respects be a continuing, absolute and unconditional guaranty of payment
and performance and shall remain in full force and effect notwithstanding,
without limitation, the death or incompetency of Guarantor or Tenant, or any
proceeding, voluntary or involuntary, involving the bankruptcy, insolvency,
receivership, reorganization, liquidation or arrangement of Guarantor or Tenant
or by any defense which Tenant may have by reason of the order, decree or
decision of any court or administrative body resulting from any such proceeding.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Primarily Liable</U> &#151; This Guaranty is a guaranty of payment and not of
collection. The liability of Guarantor under this Guaranty shall be joint and
several and primary and direct and in addition to any right of action which
shall accrue to Landlord under the Lease. Landlord shall have the right, at its
option, to proceed against Guarantor (or any one or more parties constituting
Guarantor) without having commenced any action, or having obtained any judgment,
against Tenant or any other party liable under the Lease or any other guaranty
of the Lease.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Default</U> &#151; In the event of a default by Tenant under the Lease,
Landlord shall have the right to enforce its rights, powers and remedies under
the Lease, any other guaranty of the Lease, and under this Guaranty and all
rights, powers and remedies available to Landlord shall be non-exclusive and
cumulative of all other rights, powers and remedies under the Lease, any other
guaranty of the Lease or under this Guaranty or by law or in equity. The
obligations of Guarantor hereunder are independent of the obligations of Tenant
or any other guarantor, and Landlord may proceed directly to enforce all rights
under this Guaranty without proceeding against or joining Tenant, any other
guarantor or any other person or entity. Until all of the Obligations have been
performed and paid in full, Guarantor shall have no right of subrogation to
Landlord, and Guarantor hereby waives any rights to enforce any remedy which
Landlord may have against Tenant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Waivers</U> &#151; Guarantor expressly waives and agrees not to assert or
take advantage of: (a)&nbsp;the defense of the statute of limitations in any
action hereunder or in any action for collection of the Obligations,
(b)&nbsp;any defense that may arise by reason of the failure of the Landlord to
file or enforce a claim against Guarantor or Tenant in bankruptcy or in any
other proceeding, (c)&nbsp;any defense based on the failure of Landlord to give
notice of the creation, existence or incurring of any new obligations or on the
action or non-action of any person or entity in connection with the Obligations,
(d)&nbsp;any duty on the part of Landlord to disclose to Guarantor any facts it
may know or may hereafter acquire regarding Tenant, (e)&nbsp;any defense based
on lack of diligence on the part of Landlord in the collection of any and all of
the Obligations, or (f)&nbsp;any demand for payment, presentment, notice of
protest or dishonor, notice of acceptance of this Guaranty and any and all other
notices or demands to which Guarantor might otherwise be entitled by law.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Subordination; Waiver of Subrogation; Preference and Fraudulent Transfer
Indemnity</U>. Any indebtedness (including, without limitation, interest
obligations) of Tenant to Guarantor now or hereafter existing shall be, and such
indebtedness hereby is, deferred, postponed and subordinated to the Obligations.
Guarantor hereby unconditionally and irrevocably agrees that (a) Guarantor will
not at any time assert against Tenant (or Tenant&#146;s estate in the event
Tenant becomes bankrupt or becomes the subject of any case or proceeding under
the bankruptcy laws of the United States of America) any right or claim to
indemnification, reimbursement, contribution or payment for or with respect to
any and all amounts Guarantor may pay or be obligated to pay Landlord,
including, without limitation, any and all Obligations which Guarantor may
perform, satisfy or discharge, under or with respect to this Guaranty; (b)
Guarantor waives and releases all such rights and claims and any other rights
and claims to indemnification, reimbursement, contribution or payment which
Guarantor, or any of them, may have now or at any time against Tenant (or
Tenant&#146;s estate in the event Tenant becomes bankrupt or becomes the subject
of any case or proceeding under any bankruptcy laws); (c) Guarantor shall have
no right of subrogation, and Guarantor waives any right to enforce any remedy
which Landlord now has or may hereafter have against Tenant; (d) Guarantor
waives any benefit of, and any right to participate in, any security now or
hereafter held by Landlord; and (e) Guarantor waives any defense based upon an
election of remedies by Landlord which destroys or otherwise impairs any
subrogation rights of Guarantor or the right of Guarantor to proceed against
Tenant for reimbursement. The waivers hereunder shall continue and survive after
the payment and satisfaction of the Obligations, and the termination or
discharge of Guarantor&#146;s obligations under this Guaranty. Guarantor further
hereby unconditionally and irrevocably agrees and guarantees (on a joint and
several basis) to make full and prompt payment to Landlord of any of the
Obligations or other sums paid to Landlord pursuant to the Lease which Landlord
is subsequently ordered or required to pay or disgorge on the grounds that such
payments constituted an avoidable preference or a fraudulent transfer under
applicable bankruptcy, insolvency or fraudulent transfer laws; and Guarantor
shall fully and promptly indemnify Landlord for all costs (including, without
limitation, attorney&#146;s fees) incurred by Landlord in defense of such claims
of avoidable preference or fraudulent transfer.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Choice of Law</U> &#151; This Guaranty is to be performed in the State of
Georgia and shall be governed by and construed in accordance with the laws of
the State of Georgia, without regard to its conflicts laws or choice of law
rules.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Time of Essence</U> &#151; Time is of the essence of this Guaranty.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Notices</U> &#151; Wherever any notice or other communication is required or
permitted hereunder, such notice or other communication shall be in writing and
shall be delivered by hand, or by nationally-recognized overnight express
delivery service, by U.&nbsp;S. registered or certified mail, return receipt
requested, postage prepaid to the addresses set out below or at such other
addresses as are specified by written notice delivered in accordance herewith:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=15%>Landlord:</TD>
<TD WIDTH=75%>Hamilton Mill Business Center, LLC<BR>
c/o IDI, Inc.<BR>
3424 Peachtree Road, N.E., Suite 1500<BR>
Atlanta, Georgia  30326<BR>
Attn:  Manager - Lease Administration</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT>&nbsp;</TD>
<TD WIDTH=15%>Guarantor:</TD>
<TD WIDTH=75%>Systemax, Inc.<BR>
___________________<BR>
___________________<BR>
Attn: _______________</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Any notice or other communication mailed as hereinabove provided
shall be deemed effectively given (a) on the date of delivery, if delivered by
hand; or (b) on the date mailed if sent by overnight express delivery or if sent
by U.S. mail. Such notices shall be deemed received (a) on the date of delivery,
if delivered by hand or overnight express delivery service; or (b) on the date
indicated on the return receipt if mailed. If any notice mailed is properly
addressed but returned for any reason, such notice shall be deemed to be
effective notice and to be given on the date of mailing. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Authority</U> &#151; If Guarantor is not a natural person, Guarantor shall
cause its corporate secretary or general partner, as applicable, to execute the
certificate attached hereto as <U>Exhibit A.</U> Guarantor is authorized by all
required corporate or partnership action to enter into this Guaranty and the
individual(s) signing this Guaranty on behalf of Guarantor are each authorized
to bind Guarantor to its terms.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Successors and Assigns</U> &#151; This Guaranty shall be binding upon and
inure to the benefit of the parties hereto and their heirs, legal
representatives, successors and assigns.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IN WITNESS WHEREOF, Guarantor has executed under seal and delivered this
Guaranty to Landlord on the date and year above first written. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT>&nbsp;</TD>
<TD WIDTH=50%>GUARANTOR:<BR>
<BR>
SYSTEMAX, INC., a Delaware corporation<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:<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;&nbsp;&nbsp;</U><BR>
Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>
Attest:<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;&nbsp;</U><BR>
Name:<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;&nbsp;&nbsp;</U><BR>
Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CORPORATE SEAL]
</TD>
</TR>
</TABLE>
<BR>

<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>EXHIBIT A</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>CERTIFICATE OF AUTHORITY<BR>
CORPORATION</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned, Secretary of SYSTEMAX, INC., a Delaware
corporation (&#147;Guarantor&#148;), hereby certifies as follows to HAMILTON
MILL BUSINESS CENTER, LLC, a Delaware limited liability company
(&#147;Landlord&#148;), in connection with the execution of a Guaranty by
Guarantor (the &#147;Guaranty) of that certain Industrial Lease Agreement dated
___________, 2005 between Landlord and Global Equipment Company, Inc.
(&#147;Tenant&#148;) (the &#147;Lease&#148;) relating to the lease of
approximately 517,628 square feet within Building M, at Hamilton Mill Business
Center Gwinnett County, Georgia (the &#147;Premises&#148;): </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Guarantor is duly organized, validly existing and in good standing under the
laws of the State of Delaware, and duly qualified to do business in the State of
Georgia.</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That the following named persons, acting individually, are each authorized and
empowered to negotiate and execute, on behalf of Guarantor, a Guaranty of the
Lease and that the signature opposite the name of each individual is an
authentic signature:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(name)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(title)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(signature)</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(name)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(title)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(signature)</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(name)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(title)</TD>
<TD WIDTH=33% ALIGN=CENTER>___________________________<BR>
(signature)</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That the foregoing authority was conferred upon the person(s) named above by the
Board of Directors of Guarantor, at a duly convened meeting held _____________,
20___.</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>________________________________<BR>
Secretary<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;[CORPORATE SEAL]</TD>
</TR>
</TABLE>
<BR>

<PAGE>

<H1 ALIGN=CENTER><FONT SIZE=3>EXHIBIT G</FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>FORM OF LANDLORD WAIVER AND CONSENT</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B>LANDLORD&#146;S WAIVER AND CONSENT</B></FONT></P>

<P><FONT SIZE=3>NAME OF RECORD OWNER OF REAL<BR>
ROPERTY:___________________("Landlord")<BR>
<BR>
ADDRESS OF REAL PROPERTY:_________________________________ (the<BR>
"Premises")</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>WHEREAS,</B> Landlord is the owner of the Premises, and represents that
Landlord has or is about to enter into a lease transaction (the &#147;Lease&#148;) with
________________________ (&#147;Borrower&#148;) pursuant to which Borrower has or will
acquire a leasehold interest in all or a portion of the Premises; and </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>WHEREAS,</B> JPMorgan Chase Bank, N.A. (&#147;Chase&#148;) the various
other financial institutions (collectively, &#147;Lenders&#148;) and Chase, as agent for
Lenders (&#147;Agent&#148;) has or is about to enter into a financing transaction with
Borrower and related companies (collectively with Borrower, individually and collectively,
the &#147;Company&#148;); to secure such financing, each Company has granted to Agent for
its benefit and for the ratable benefit of Lenders a security interest and lien in the
tangible and intangible personal property of such Company, including, without limitation,
goods, inventory, machinery and equipment, together with all additions, substitutions,
replacements and improvements to, and the products and proceeds of the foregoing
(collectively, the &#147;Collateral&#148;); and </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>WHEREAS,</B> all or a portion of the Collateral may from time to time
be located at the Premises or may become wholly or partially affixed to the Premises; </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>NOW THEREFORE,</B> in consideration of any financial accommodation
extended by Agent and Lenders to Company at any time, and other good and valuable
consideration the receipt and sufficiency of which Landlord hereby acknowledges, Landlord
hereby agrees as follows: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;
A true and correct copy of the Lease is attached hereto as Exhibit A. To
Landlord&#146;s actual knowledge, the Lease is in full force and effect and
Landlord is not aware of any existing default under the Lease.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Collateral may be stored, utilized and/or installed at the Premises and
shall not be deemed a fixture or part of the real estate but shall at all times
be considered personal property, whether or not any of the Collateral becomes so
related to the real estate that an interest therein arises under real estate
law.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until such time as the obligations of Company to Agent and Lenders are paid in
full, Landlord disclaims any interest in the Collateral, and agrees not to
distrain or levy upon any of the Collateral or to assert any claim against the
Collateral for any reason.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Landlord shall not prevent Agent, any Lender or their representatives from (a)
entering upon the Premises at any time to inspect or remove the Collateral, or
(b) advertising and conducting public auctions or private sales of the
Collateral at the Premises, in each case without liability of Agent or Lenders
to Landlord; provided however, that Agent and Lenders shall promptly repair, at
their expense, any physical damage to the Premises actually caused by said
removal by Agent, Lenders or any other party conducting said removal. Agent and
Lenders shall not be liable for any diminution in value of the Premises caused
by the absence of Collateral actually removed or by any necessity of replacing
the Collateral.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Landlord shall not interfere with any sale of the Collateral, by public auction
or otherwise, conducted by or on behalf of Agent and Lenders on the Premises.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Landlord agrees to provide Agent with written notice of any default or claimed
default by Borrower under the Lease, and prior to the termination of the Lease,
to permit Agent and Lenders the same opportunity to cure or cause to be cured
such default as is granted Borrower under the Lease, provided, however that
Agent and Lenders shall have at least ten (10) days following receipt of said
notice to cure such default so long as a default has not occurred more than
twice in any twelve (12) month period. Landlord will permit Agent and Lenders to
remain on the Premises for a period of up to ninety (90) days following receipt
by Agent of written notice from Landlord that Landlord is in possession and
control of the Premises, has terminated the Lease and is directing removal of
the Collateral (the &#147;Landlord&#146;s Notice&#148;). Agent and Lender shall
pay, and be liable, to Landlord for all base rent and additional rent due under
the Lease from the date of the Landlord&#146;s Notice. Said rent shall be paid
monthly in advance (but the first month&#146;s rent shall be due thirty (30)
days after receipt of Landlord&#146;s Notice); provided, however, said rent
shall be pro-rated on per diem basis determined on a 30 day month and Landlord
shall promptly re-pay any excess rent paid by Agent and Lender. Agent&#146;s and
Lenders&#146; right to occupy the Premises under the preceding sentences shall
be extended for the time period Agent and Lenders are prohibited from selling
the Collateral due to the imposition of the automatic stay by the filing of
bankruptcy proceedings by or against any Company; provided that Agent or Lender
pay said rent when due, and base rent shall increase by 3% annually if the
Collateral remains in the Premises for more than one year after the date of
Landlord&#146;s Notice. Agent and Lenders shall not assume nor be liable for any
unperformed or unpaid obligations of Borrower under the Lease.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This waiver shall inure to the benefit of and be binding on Agent, Lenders,
their successors and assigns and shall inure to the benefit of and be binding
upon Landlord, its heirs, assigns, representatives and successors. This waiver
may be executed in, multiple counterparts. This waiver shall not be binding on
Landlord unless and until Landlord receives a counterpart original executed by
Agent/Chase.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>All notices to Agent hereunder shall be in writing, sent by
certified mail, and shall be addressed to Agent at the following address: 1166
Avenue of the Americas, 16<SUP>th</SUP> Floor, New York, New York, 10036,
Attention: Credit Deputy. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Dated this _____ day of ____________, 2005. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%><B>AGENT/CHASE:</B><BR>
<BR>
JPMorgan Chase Bank, N.A.<BR>
<BR>
By:______________________<BR>
Name: ____________________<BR>
Title: _____________________<BR>
<BR>
<BR>
<BR>
<B>LANDLORD:</B><BR>
<BR>
<BR>
By:______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>STATE OF<BR>
<BR>
COUNTY OF</TD>
<TD WIDTH=80%>)<BR>
: ss:<BR>
)</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On the _______ day of ____________, 200__, before me personally came
_______________ to me known, who, being by me duly sworn did depose and say that s/he is
the _____________ of JPMorgan Chase Bank, N.A., the Agent/Chase described in and which
executed the above instrument; and that s/he signed her/his name thereto under authority
of said entity. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Notary Public</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>STATE OF<BR>
<BR>
COUNTY OF</TD>
<TD WIDTH=80%>)<BR>
: ss:<BR>
)</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On the _______ day of ____________, 200__, before me personally came
_______________ to me known, who, being by me duly sworn did depose and say that s/he is
the _____________ of _______________________________, the landlord described in and which
executed the above instrument; and that s/he signed her/his name thereto . </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Notary Public</TD>
</TR>
</TABLE>
<BR>

<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>EXHIBIT A</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3>[COPY OF LEASE]</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>systemax-ex1020_070506.htm
<DESCRIPTION>EX-10.20
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.20</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>FIRST AMENDMENT TO INDUSTRIAL LEASE AGREEMENT</B> </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AMENDMENT is made as of the Amendment Date (as hereinafter defined) by and
between HAMILTON MILL BUSINESS CENTER, LLC, a Delaware limited liability company
(&#147;Landlord&#148;), and GLOBAL EQUIPMENT COMPANY, INC., a New York
corporation (&#147;Tenant&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>RECITALS</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Landlord and Tenant have previously entered into that certain Industrial Lease
Agreement dated December 8, 2005 (the &#147;Lease&#148;) for the lease of
approximately 517,628 square feet of space, more commonly known as 2505 Mill
Center Parkway, Suite 100, Buford, Georgia 30518 (the &#147;Original Demised
Premises&#148;) located within Hamilton Mill Business Center, Gwinnett County,
Georgia. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Landlord and Tenant desire to amend the Lease upon the terms and conditions
hereinafter set forth. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, for and in consideration of Ten and No/100 Dollars ($10.00) and other
good and valuable consideration in hand paid by each party hereto to the other,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
do hereby agree as follows: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All capitalized terms used herein but undefined
shall have the meaning as defined in the Lease.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landlord and Tenant hereby confirm that the
Lease Commencement Date occurred on February 24, 2006.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Expiration Date, as defined in Section 1(h)
of the Lease, is hereby extended to May 31, 2021. As used herein,
&#147;Term&#148; is hereby defined as the period commencing on the Lease
Commencement Date and terminating on the Expiration Date, as extended
hereby.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commencing on June 1, 2006 (the &#147;Effective
Date&#148;), the Demised Premises shall be defined as that certain parcel of
real property more particularly described in <U>Exhibit &#147;A&#148;</U>
attached hereto and by this reference made a part hereof (the &#147;Land&#148;)
together with and including the Building, inclusive of the Original Demised
Premises and that certain additional 129,600 square foot space, as more
particularly described on <U>Exhibit &#147;B&#148;</U> attached hereto and
incorporated herein by reference (the &#147;Expansion Space&#148;), and the
common areas, driveways, and parking areas associated therewith (collectively,
the &#147;Building Common Area&#148;).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything contained in the Lease
to the contrary, beginning on the Effective Date, the Annual Base Rent for the
remainder of the Term as extended hereby shall be payable in Monthly Base Rent
Installments pursuant to the terms of the Lease according to the following
schedule:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=1 CELLSPACING=0 BORDER=1>
<TR VALIGN=TOP>
<TD WIDTH=30% ALIGN=CENTER><B><U>Period</U></B><BR><BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
6/1/06 - 1/31/07<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
2/1/07- 5/31/07<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
6/1/07 - 5/31/11<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
6/1/11 - 5/31/16<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
6/1/16 - 5/31/21</TD>
<TD WIDTH=35% ALIGN=CENTER><B><U>Annual Base Rent</U></B><BR>
<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
N/A<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
N/A<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
$1,941,684.00<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
$2,168,213.76<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
$2,427,105.00</TD>
<TD WIDTH=35% ALIGN=CENTER><B><U>Monthly Base Rental<BR>
Installments</U></B><BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
$0.00<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
$161,807.00<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
$161,807.00<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
$180,684.48<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
$202,258.75</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;&nbsp;Effective as of the Effective Date, Section 1(j) of the
Lease shall be deleted in its entirety.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp;&nbsp;&nbsp;Effective as of the Effective Date, Section 6 of the Lease
(Operating Expenses and Additional Rent) shall be deleted in its entirety and
the following shall be substituted in lieu thereof:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"6.&nbsp;&nbsp;&nbsp;<U>Additional Rent</U>. Any
amounts required to be paid by Tenant under this Lease (in addition to Base
Rent) hereunder and any charges or expenses incurred by Landlord on behalf of
Tenant under the terms of this Lease, including, without limitation, any
expenses incurred for taxes, insurance, maintenance, repairs, replacements,
owner's association dues and assessments, utilities and other charges assessed
against or attributed to the Demised Premises which are the obligation of Tenant
hereunder, shall be considered additional rent (herein, "Additional Rent")
payable in the same manner and upon the same terms and conditions as Base Rent
reserved hereunder except as expressly set forth herein to the contrary. Without
limiting the foregoing, Tenant shall and does hereby agree to pay directly, or
to reimburse Landlord upon demand for, as Landlord may direct, and Additional
Rent shall include, any and all owner's association dues and assessments,
utilities and charges assessed against or attributed to the Demised Premises
pursuant to any applicable easements, covenants, restrictions, agreements,
declaration of protective covenants or development standards, including, without
limitation, the Protective Covenants, paid by Landlord with respect to or
imposed or assessed upon or against the Demised Premises from time to time
throughout that portion of the Term (and any extension thereof) commencing with
the Lease Commencement Date. Any failure on the part of Tenant to pay such
Additional Rent when due shall entitle Landlord to the remedies available to it
for non-payment of Base Rent, including, without limitation, late charges and
interest thereon at the Interest Rate pursuant to Section 32 of the
Lease."</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.&nbsp;&nbsp;&nbsp;Effective as of the Effective Date, Section 8 of the Lease
(Insurance) shall be deleted in its entirety and the following shall be
substituted in lieu thereof:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"8.&nbsp;&nbsp;&nbsp;<U>Insurance</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;
Tenant covenants and agrees that from and after the Effective Date or any
earlier date upon which Tenant enters or occupies the Expansion Space or any
portion thereof, Tenant will carry and maintain, at its sole cost and expense,
the following types of insurance, in the amounts specified and in the form
hereinafter provided for:</FONT></P>

<P><FONT SIZE=3>&nbsp;&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)&nbsp;&nbsp;&nbsp; Liability insurance in the
Commercial General Liability form (or reasonable equivalent thereto) covering
the Demised Premises and Tenant's use thereof against claims for bodily injury
or death, property damage and product liability occurring upon, in or about the
Demised Premises, such insurance to be written on an occurrence basis (not a
claims made basis), to be in combined single limits amounts not less than Three
Million Dollars ($3,000,000.00) and to have general aggregate limits of not less
than Ten Million Dollars ($10,000,000.00) for each policy year. The insurance
coverage required under this Section 8(a)(i) shall, in addition, extend to any
liability of Tenant arising out of the indemnities provided for in Section 11
and, if necessary, the policy shall contain a contractual endorsement to that
effect.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;
(A) insurance on the "All-Risk" or equivalent form on a Replacement Cost Basis
against loss or damage to the Building and all other improvements now or
hereafter located on the Land (including, without in any manner limiting the
generality of the foregoing, flood insurance if the Demised Premises are located
in a flood hazard area), having a deductible not greater than Fifty Thousand
Dollars ($50,000.00); and in an amount sufficient to prevent Landlord or Tenant
from becoming a co-insurer of any loss, but in any event in amounts not less
than 100% of the actual replacement value of such Building and improvements
other than foundations and footings. Landlord shall have the right to require
from Tenant, not more often than once every twenty-four (24) months, reasonable
evidence of the value of the Building.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;insurance on the "All-Risk"
or equivalent form against abatement or loss of rental by reason of the
occurrences covered by the insurance described in clause (A) above and by reason
of any service interruptions in an amount equal to Base Rent and all Additional
Rent for at least twelve (12) months following the occurrence of such
casualty;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;boiler and machinery
insurance covering losses to or from any steam boilers, pressure vessels or
similar apparatus requiring inspection under applicable state or municipal laws
or regulations which are located at the Demised Premises or on any other
building systems for which such coverage is available, in amounts determined by
Tenant to be appropriate or for such higher amounts as may at any time be
reasonably required by Landlord and having a deductible of not more than Fifty
Thousand Dollars ($50,000.00); coverage shall be on a broad form comprehensive
basis including loss of income with a limit of at least an amount which is
reasonably acceptable to Landlord; and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;worker's compensation
insurance to the extent required by the laws of the state in which the Demised
Premises are located and employer's liability insurance in the amount of at
least $1,000,000.00.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All policies of
the insurance provided for in Section 8(a) shall be issued in form acceptable to
Landlord by insurance companies with a rating of not less than "A" and financial
size of not less than Class XII, in the most current available "Best's Insurance
Reports", and licensed to do business in the state in which the Building is
located. Tenant shall have the right to increase the deductible amounts under
the policies of insurance required by Sections 8(a)(ii)(A) and (C) above,
subject to the approval of Landlord, such approval not to be unreasonably
withheld; provided, however, that Landlord shall be entitled to withhold such
approval unless Tenant is able to demonstrate that the requested increase in any
such deductible is commercially reasonable for improvements comparable to the
Building. Each and every such policy:</FONT></P>

<P><FONT SIZE=3>&nbsp;&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)&nbsp;&nbsp;&nbsp;(other than the coverage
described in Section 8(a)(ii)(D)) shall name Landlord as well as Landlord's
Lender, as defined in Section 24, and any other party reasonably designated by
Landlord, as an additional insured. In addition, the coverage described in
Section 8(a)(ii)(A), (B) and (C) shall also name Landlord as "loss
payee";</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;shall be delivered to
Landlord, in the form of an insurance certificate acceptable to Landlord as
evidence of such policy, prior to delivery of possession of the Demised Premises
to Tenant and thereafter within thirty (30) days prior to the expiration of each
such policy, and, as often as any such policy shall expire or terminate. Renewal
or additional policies shall be procured and maintained by Tenant in like manner
and to like extent;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;shall contain a provision
that the insurer waives any right of subrogation against Landlord on account of
any loss or damage occasioned to Tenant, its property, the Demised Premises or
its contents arising from any risk covered by all risks fire and extended
coverage insurance of the type and amount required to be carried
hereunder;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;shall contain a provision
that the insurer will give to Landlord and such other parties in interest at
least thirty (30) days notice in writing in advance of any material change,
cancellation, termination or lapse, or the effective date of any reduction in
the amounts of insurance; and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;shall be written as a primary
policy which does not contribute to and is not in excess of coverage which
Landlord may carry.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;Any insurance provided for in Section 8(a) may be
maintained by means of a policy or policies of blanket insurance, covering
additional items or locations or insureds; provided, however, that:</FONT></P>

<P><FONT SIZE=3>&nbsp;&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)&nbsp;&nbsp;&nbsp;Landlord and any other
parties in interest from time to time designated by Landlord to Tenant shall be
named as an additional insured thereunder as its interest may appear;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the coverage afforded
Landlord and any such other parties in interest will not be reduced or
diminished by reason of the use of such blanket policy of insurance;</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;any such policy or policies
shall specify therein the amount of the total insurance allocated to the
Tenant's improvements and property; and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;the requirements set forth
in this Section 8 are otherwise satisfied.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;In
the event that either party (the "Defaulting Party") shall fail to carry and
maintain the insurance coverages set forth in this Section 8, the other party
(the "Procuring Party") may upon thirty (30) days notice to the Defaulting Party
(unless such coverages will lapse in which event no such notice shall be
necessary) procure such policies of insurance and the Defaulting Party shall
promptly reimburse the Procuring Party therefor.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;
Each party may, at any time, but not more than one (1) time in any twenty-four
(24) month period, require a review of the insurance coverage and limits of
liability set forth in Section 8 to determine whether the coverage and the
limits are reasonable and adequate in the then existing circumstances. The
review shall be undertaken on a date and at a time set forth in a party's notice
requesting a review and shall be conducted at the Demised Premises. If the
parties are, after a review, unable to agree on either the coverage or the
limits, then the parties shall employ the Dispute Resolution Procedure (as
defined in Paragraph 16 below) with insurance advisors having at least ten (10)
years experience in insurance for commercial and industrial properties serving
as Officials. In rendering the decision the Officials shall consider the
requirements of Section 8, the cost of the insurance to be obtained, inflation,
changes in condition, and the insurance then being carried by similar industrial
use developments in the area of the Project."</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.&nbsp;&nbsp;&nbsp;Effective as of the Effective Date, Section 9 of the Lease
(Utilities) shall be deleted in its entirety and the following shall be
substituted in lieu thereof:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"9.&nbsp;&nbsp;&nbsp;<U>Utilities</U>. Commencing
on the Effective Date and continuing through the remainder of the Term, Tenant
shall be responsible for maintaining the portion of the utility lines located
between the Land boundary line and the Building and shall promptly pay as billed
to Tenant all rents and charges for water and sewer services and all costs and
charges for gas, steam, electricity, fuel, light, power, telephone, heat and any
other utility or service used or consumed in or servicing the Demised Premises
and all other costs and expenses involved in the care, management and use
thereof to the extent charged by the applicable utility companies. If Tenant
fails to pay any utility bills or charges, Landlord may, at its option and upon
reasonable notice to Tenant, pay the same and in such event, the amount of such
payment, together with interest thereon at the Interest Rate as defined in
Section 32 from the date of such payment by Landlord, will be added to Tenant's
next due payment, as Additional Rent."</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.&nbsp;&nbsp;&nbsp;Effective as of the Effective Date, Section 10 of the Lease
(Maintenance and Repairs) shall be deleted in its entirety and the following
shall be substituted in lieu thereof:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"10. <U>Maintenance and Repairs</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;
<U>General</U>. From and after the Effective Date and throughout the Term,
Tenant shall, at its own cost and expense, maintain the Demised Premises,
exterior and interior, in good condition and repair, including, without
limitation, repair and maintenance of the exterior walls of the Building and the
interior of the Building, including but not limited to the electrical systems,
heating, air conditioning and ventilation systems, plate glass, windows and
doors, sprinkler and plumbing systems, excluding, however, the roof, foundation
and structural frame of the Building, which shall be the responsibility of
Landlord. In addition, Landlord shall be responsible for damage to the floor
caused by a defect in the foundation or structural frame of the Building,
specifically excluding, however, damage caused by Tenant's use of the floor or
the Demised Premises. During the Term, Tenant shall maintain in full force and
effect a service contract for the heating, ventilation and air conditioning
systems with an entity reasonably acceptable to Landlord. Tenant shall deliver
to Landlord (i) a copy of said service contract prior to the Lease Commencement
Date, and (ii) thereafter, a copy of a renewal or substitute service contract
within thirty (30) days prior to the expiration of the existing service
contract. Tenant's obligations to repair and maintain the Demised Premises shall
also include, without limitation, repair, maintenance and replacement of all
plumbing and sewage facilities within and about the Demised Premises (including,
specifically, but without limitation, the portion of water and sewer lines
between the boundary of the Land and Building), fixtures, interior walls,
floors, ceilings, windows, doors, storefronts, painting and caulking, plate
glass, skylights, all electrical facilities and equipment including, without
limitation, lighting fixtures, lamps, fans and any exhaust equipment and
systems, electrical motors, and all other appliances and equipment of every kind
and nature located in, upon or about the Demised Premises including, without
limitation, exterior lighting and fencing, and any sidewalks, parking areas and
access ways (including, without limitation, curbs and striping) upon the Demised
Premises and the landscaping and grounds surrounding the Building. All glass,
both interior and exterior, is at the sole risk of Tenant; and any broken glass
shall be promptly replaced at Tenant's expense by glass of like kind, size and
quality. Unless the same is caused solely by the negligent action or inaction of
Landlord, Landlord shall not be liable to Tenant or to any other person for any
damage occasioned by failure in any utility system or by the bursting or leaking
of any vessel or pipe in or about the Demised Premises, or for any damage
occasioned by water coming into the Demised Premises or arising from the acts or
neglects of occupants of adjacent property or the public.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;<U>Landscaping</U>. Tenant shall also be responsible for
maintaining a landscape service contract for the Demised Premises during the
Term. For the first Lease Year, Tenant shall maintain a landscape service
contract with the original landscape company which installed the landscaping at
the Demised Premises."</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.&nbsp;&nbsp;&nbsp;Effective as of the Effective Date, Section 15 of the Lease
(Governmental Regulations) shall be deleted in its entirety and the following
shall be substituted in lieu thereof:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"15.&nbsp;&nbsp;&nbsp;<U>Governmental
Regulations</U>. Tenant shall promptly comply throughout the Term of this Lease,
at Tenant's sole cost and expense, with all present and future laws, ordinances
and regulations of all applicable governing authorities relating to all or any
part of the Demised Premises, foreseen or unforeseen, ordinary as well as
extraordinary, or to the use or manner of use of the Demised Premises or to the
sidewalks, parking areas, curbs and access ways adjoining the Demised Premises.
In the event that such law, ordinance or regulation requires a renovation,
improvement or replacement to the Demised Premises, then Tenant shall be
required to make such renovation, improvement or replacement at Tenant's sole
cost and expense. Tenant shall also observe and comply with the requirements of
all policies of public liability, fire and other policies of insurance at any
time in force with respect to the Demised Premises."</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
12. Effective as of the Effective Date, Section 19 of the Lease (Services by
Landlord) shall be deleted in its entirety and the following shall be
substituted in lieu thereof:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"19.&nbsp;&nbsp;&nbsp;<U>Services by Landlord</U>.
From and after the Effective Date, Landlord shall be responsible for providing
no services to the Demised Premises whatsoever, except for the services for
which Landlord is specifically obligated pursuant to Section 10(a)."</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13.&nbsp;&nbsp;&nbsp;Effective as of the Effective Date, Section 20 of the Lease
(Fire and Other Casualty) shall be deleted in its entirety and the following
shall be substituted in lieu thereof:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"20.&nbsp;&nbsp;&nbsp;<U>Fire and Other Casualty</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;If the Building or other improvements on the Land shall be
damaged or destroyed by fire or other casualty, Tenant, at Tenant's sole cost
and expense, shall promptly and diligently proceed to adjust the loss with the
insurance companies (subject to the approval of the Lender (if applicable) and
of Landlord) and arrange for the disbursement of insurance proceeds, and repair,
rebuild or replace such Building and other improvements, so as to restore the
Demised Premises to the condition in which they were immediately prior to such
damage or destruction. The net proceeds of any insurance recovered by reason of
such damage or destruction in excess of the cost of adjusting the insurance
claim and collecting the insurance proceeds (such excess being referred to
herein as the "Net Insurance Proceeds") shall be held by the Lender (provided
that such Lender is a bank, savings association, insurance company or other
similar institutional lender; herein called "Institutional Lender"), or, if no
Lender then holds a Mortgage on the Demised Premises, by any national or state
chartered bank which is reasonably acceptable to Landlord and Tenant; and the
Net Insurance Proceeds shall be released for the purpose of paying the fair and
reasonable cost of restoring such Building and other improvements. Such Net
Insurance Proceeds shall be released to Tenant, or to Tenant's contractors, from
time to time as the work progresses, pursuant to such requirements and
limitations as may be reasonably acceptable to Landlord and Lender (if the
Lender so requires), including, without limitation, lien waivers from each of
the contractors, subcontractors, materialmen and suppliers performing the work.
If the Net Insurance Proceeds (less any applicable deductible) are insufficient
to restore the Demised Premises, Tenant shall be obligated to pay such
deficiency and the amount of any such deductible. Notwithstanding the foregoing,
if the Net Insurance Proceeds are less than Twenty-Five Thousand Dollars
($25,000.00), such Net Insurance Proceeds may be held by Tenant and used by
Tenant to pay the fair and reasonable cost of restoring such Demised Premises
and other improvements. If the Net Insurance Proceeds exceed the full cost of
the repair, rebuilding or replacement of the damaged Building or other
improvements, then the amount of such excess Net Insurance Proceeds shall be
paid to Tenant upon the completion of such repair, rebuilding or replacement.
Landlord agrees not unreasonably to withhold, condition or delay any approvals
required to be obtained by Tenant from Landlord pursuant to the provisions of
this Section 20(a).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;Whenever Tenant shall be required to carry out any work or
repair and restoration pursuant to this Section 20, Tenant, prior to the
commencement of such work, shall deliver to Landlord for Landlord's prior
approval (which shall not be unreasonably withheld, conditioned or delayed) a
full set of the plans and specifications therefor, together with a copy of all
approvals and permits which shall be required from any governmental authority
having jurisdiction. After completion of any major repair or restoration, Tenant
shall, as soon as reasonably possible, obtain and deliver to Landlord a
Certificate of Substantial Completion from the inspecting architect and a
permanent Certificate of Occupancy (or amended Certificate of Occupancy), if
required by applicable laws, issued by the appropriate authority with respect to
the use of the Demised Premises, as thus repaired and restored. Any such work or
repair and restoration, in all cases, shall be carried out by Tenant in a good
and workmanlike manner with materials at least equal in quality to the original
materials used therefor prior to the damage or destruction. If, after a default
by Tenant, Landlord shall carry out any such work or repair and restoration
pursuant to the provisions of this Section 20, then Landlord shall be entitled
to withdraw monies held for application to the costs of such work from time to
time as such costs are incurred."</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
14.&nbsp;&nbsp;&nbsp;Effective as of the Effective Date, Section 21 of the Lease
(Condemnation) shall be deleted in its entirety and the following shall be
substituted in lieu thereof:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"21.&nbsp;&nbsp;&nbsp;<U>Condemnation</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;If all of the Demised Premises is taken or condemned for a
public or quasi-public use, this Lease shall terminate as of the earlier of the
date title to the condemned real estate vests in the condemnor and the date on
which Tenant is deprived of possession of all of the Demised Premises. In such
event, the Base Rent herein reserved and all Additional Rent and other sums
payable hereunder shall be apportioned and paid in full by Tenant to Landlord to
that date, all Base Rent, Additional Rent and other sums payable hereunder
prepaid for periods beyond that date shall forthwith be repaid by Landlord to
Tenant, and neither party shall thereafter have any liability hereunder, except
that any obligation or liability of either party, actual or contingent, under
this Lease which has accrued on or prior to such termination date shall survive.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;In the event of a taking of "Substantially All of the
Demised Premises" (as herein defined), Tenant may, at its option, upon thirty
(30) days' written notice to Landlord, which shall be given no later than sixty
(60) days following the taking, have the right to terminate this Lease. All Base
Rent and other sums payable by Tenant hereunder shall be apportioned and paid
through and including the date of taking, and neither Landlord nor Tenant shall
have any rights in any compensation or damages payable to the other in
connection with such condemnation. For purposes of this provision,
"Substantially All of the Demised Premises" shall mean (i) so much of the
Demised Premises as, when taken, leaves the untaken portion unsuitable, in the
reasonable opinion of Tenant and Landlord, for the continued feasible and
economic operation of the Demised Premises by Tenant for the same purposes as
immediately prior to such taking or as contemplated herein, (ii) so many of the
parking spaces on the Land as reduces the parking ratio below that which is
required by the zoning ordinance applicable to the Project, and Landlord's
failure to provide substantially similar alternative parking reasonably
acceptable to Tenant within sixty (60) days after such taking, or (iii) so much
of the Demised Premises that access to the Demised Premises is materially
impeded, as reasonably determined by Landlord and Tenant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;If only part of the Demised Premises is taken or condemned
for a public or quasi-public use and this Lease does not terminate pursuant to
Section 21(b) above, Tenant, to the extent of Net Condemnation Proceeds (as
hereinafter defined) actually received by it, shall restore, using all
reasonable speed and diligence, the Demised Premises to a condition and to a
size as nearly comparable as reasonably possible to the condition and size
thereof immediately prior to the taking and Landlord, to the extent of the award
it receives in excess of the costs of collecting the award and value of the Land
taken (herein, the "Net Condemnation Proceeds"), shall release the Net
Condemnation Proceeds to Tenant for that purpose and Tenant shall have the right
to participate in any proceeding relating to the awarding of restoration
damages. There shall be an equitable abatement of the Base Rent and Additional
Rent based on the actual loss of use of the Demised Premises suffered by Tenant
from the taking. Determination of such loss of use of the Demised Premises after
a partial taking shall be mutually agreed to by the parties within sixty (60)
days from the date of the taking and if the parties can not so agree, then such
loss of use shall be determined in accordance with the Dispute Resolution
Procedure (as defined in Paragraph 16 below), with real estate appraisers having
at lease ten (10) years experience appraising commercial real estate, including
build-to-suit leases, serving as Officials. Pending such determination, Tenant
shall continue to pay the Base Rent and Additional Rent as herein originally
specified, and upon such determination, if Tenant is entitled to a refund
because of an overpayment of Base Rent or Additional Rent, Landlord shall make
the same promptly, or in lieu thereof credit the amount thereof to future
installments of Base Rent or Additional Rent as they become due.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;Landlord shall be entitled to receive the entire award in
any proceeding with respect to any taking provided for in this Section 21,
without deduction therefrom for any estate vested in Tenant by this Lease, and
Tenant shall receive no part of such award. Nothing herein contained shall be
deemed to prohibit Tenant from making a separate claim, against the condemnor,
to the extent permitted by law, for the value of the unamortized tenant
improvements (installed in accordance with Section 18 at Tenant's expense),
Tenant's moveable trade fixtures, machinery and moving expenses, provided that,
in any case, the making of such claim shall not and does not adversely affect or
diminish Landlord's award."</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
15.&nbsp;&nbsp;&nbsp;<U>Taxes and Other Impositions</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Commencing on the Effective
Date and continuing through the remainder of the Term, Tenant shall be solely
obligated for the costs of all real estate taxes and other impositions for the
Demised Premises, including the Building and the Land, and Tenant agrees to pay
all installments of such imposition which accrue during the Term. If any real
estate taxes or other impositions for the Demised Premises are payable in
arrears, Tenant agrees to pay to Landlord Tenant's share of such taxes
attributable to the last year of the Term within thirty (30) days after Tenant
receives from Landlord evidence of the actual amount due for such last year.
This provision shall expressly survive the expiration or termination of the
Lease in order to settle up Tenant's pro rata share of such taxes for the final
Lease Year of the Term.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Real estate taxes and other
impositions shall mean all ad valorem taxes, water and sanitary taxes,
assessments, liens, licenses and permit fees or any other taxes imposed,
assessed or levied against the Land and the Demised Premises, and all other
charges, impositions or burdens of whatever kind and nature, whether or not
particularized by name, and whether general or special, ordinary or
extraordinary, foreseen or unforeseen, which at any time during the Term may be
created, assessed, confirmed, adjudged, imposed or charged upon or with respect
to the Demised Premises, the Land, or any improvements made thereto, or on any
part of the foregoing or any appurtenances thereto, or directly upon this Lease
or the rent payable hereunder or amounts payable by any subtenants or other
occupants of the Demised Premises, or upon this transaction or any documents to
which Tenant is a party or successor-in-interest, or against Landlord because of
Landlord's estate or interest herein, by any governmental authority, or under
any law, including among others, all rental, sales, use, inventory or other
similar taxes and any special tax bills and general, special or other
assessments and liens or charges made on local or general improvements or any
governmental or public power or authority whatsoever.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Notwithstanding the
foregoing, if any imposition shall be created, levied, assessed, adjudged,
imposed, charged or become a lien with respect to a period of time which ends
after the expiration date of the Term (other than an expiration date of the Term
by reason of breach of any of the terms hereof by Tenant), then Tenant shall
only be required to pay that portion of such imposition which is equal to the
proportion of said period which falls within the Term. If Tenant is permitted to
pay (by the assessing and collecting authorities) and elects to pay any
imposition in installments, Tenant shall nevertheless pay any and all
installments thereof which are due prior to the expiration of the Term or sooner
termination of the Term. Nothing contained in this Lease shall require Tenant to
pay any income or excess profits or taxes assessed against Landlord, or any
corporation, capital stock and franchise taxes imposed upon Landlord. Landlord
agrees to deliver to Tenant copies of all such notices of real estate taxes and
impositions which Landlord receives.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Landlord shall forward tax
bills related to the Demised Premises to Tenant promptly after Landlord's
receipt thereof. Tenant shall furnish Landlord evidence of the payment of all
real estate taxes and impositions related to the Demised Premises at least ten
(10) days before the last day upon which they may be paid without any fine,
penalty, interest or additional cost. If Tenant fails to pay the real estate
taxes and impositions related to the Demised Premises when due and Landlord
elects to pay the real estate taxes and impositions related to the Demised
Premises, Tenant agrees to pay Landlord such real estate taxes and impositions
attributable to the Demised Premises so paid by Landlord, within thirty (30)
days after receipt of written notice from Landlord."</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
16.&nbsp;&nbsp;&nbsp;<U>Dispute Resolution Procedure</U>. In the event that a
dispute arises between Landlord and Tenant under the Lease, and the Lease
specifically provides that the dispute resolution procedure outlined in this
Paragraph 16 (herein referred to as the "Dispute Resolution Procedure") shall be
utilized, the parties shall proceed as follows:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;The party electing to proceed
under the procedures outlined herein (the "Electing Party") shall give written
notice of such election to the other party (the "Other Party"), and shall
designate in writing the Electing Party's selection of an individual with the
qualifications outlined in the section of the Lease giving rise to this remedy
(the "Official") who shall act on the Electing Party's behalf in determining the
disputed fact.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;Within twenty (20) days
after the Other Party's receipt of the Electing Party's selection of an
Official, the Other Party, by written notice to the Electing Party, shall
designate an Official who shall act on the Other Party's behalf in determining
the disputed fact.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;Within twenty (20) days of
the selection of the Other Party's Official, the two (2) Officials shall render
a joint written determination of the disputed fact. If the two (2) Officials are
unable to agree upon a joint written determination within such twenty (20) day
period, each Official shall render his or her own written determination and the
two Officials shall select a third Official within such twenty (20) day period.
In the event the two Officials are unable to select a third Official within such
twenty (20) day period, then either party may apply to a court of original
jurisdiction in Gwinnett County, Georgia for appointment by such court of such
third Official.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;Within twenty (20) days
after the appointment of the third Official, the third Official shall select one
of the determinations of the two (2) Officials originally selected, without
modification or qualification.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;If either Landlord or Tenant
fails or refuses to select an Official, the Official selected shall alone
determine the disputed fact. Landlord and Tenant agree that they shall be bound
by the determination of disputed fact pursuant to this subsection. Landlord
shall bear the fee and expenses of its Official, Tenant shall bear the fee and
expenses of its Official, and Landlord and Tenant shall share equally the fee
and expense of the third Official, if any.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
17.&nbsp;&nbsp;&nbsp;Tenant is in possession of, and has accepted, the Original
Demised Premises, and acknowledges that all the work to be performed by the
Landlord in the Original Demised Premises as required by the terms of this
Lease, if any, has been satisfactorily completed. Tenant further certifies that
all conditions of the Lease required of Landlord as of this date have been
fulfilled and there are no defenses or setoffs against the enforcement of the
Lease by Landlord.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
18.&nbsp;&nbsp;&nbsp;Tenant hereby accepts the Expansion Space in its "as-is"
condition and acknowledges and agrees that Landlord shall have no obligation to
make any improvements in or to the Expansion Space. Notwithstanding the
foregoing, Landlord hereby warrants to Tenant, which warranty shall survive for
the one (1) year period following the Effective Date, that (i) the materials and
equipment furnished by Landlord's contractors in the completion of the portion
of the shell building containing the Expansion Space and the improvements
located within the Expansion Space as of the Amendment Date are of good quality
and new, and (ii) such materials and equipment and the work of such contractors
shall be free from defects not inherent in the quality required or permitted
under the Lease; provided, however, that the foregoing warranty shall exclude
damages or defects caused by Tenant or Tenant's Affiliates, improper or
insufficient maintenance, improper operation, and normal wear and tear under
normal usage. Tenant further acknowledges and agrees that Tenant, at its sole
cost and expense, shall be responsible for constructing all interior
improvements within the Expansion Space (the "Expansion Improvements") and
obtaining a certificate of occupancy or its equivalent for the Expansion Space
issued by the appropriate governmental authority. Tenant shall, at its sole cost
and expense, prepare and submit to Landlord for Landlord's written approval,
which approval shall not be unreasonably withheld or conditioned, a complete set
of plans and specifications covering all work to be performed by Tenant in
constructing the Expansion Improvements (collectively, the "Expansion Plans").
The Expansion Plans shall be in such detail as Landlord may reasonably require
and shall be in compliance with all applicable statutes, ordinances and
regulations; provided, however, that Landlord's approval of the Expansion Plans
shall not be deemed to be a warranty or representation that the Expansion Plans
comply with all applicable statutes, ordinances and regulations. Landlord shall
review the Expansion Plans and indicate requested changes, if any, by written
notice to Tenant, within fifteen (15) days after receipt of the Expansion Plans
by Landlord. If Landlord fails to indicate such requested changes to the Plans
and Specifications by such date, the Expansion Plans shall be deemed approved.
Thereafter, any changes to the Expansion Plans shall be subject to Landlord's
written approval. The Expansion Improvements shall be constructed in accordance
with the approved Expansion Plans by Tenant during the Term, as extended hereby,
shall be constructed in accordance with the terms of the Lease, including,
without limitation, Section 18 thereof, and shall be of a type and quality
consistent with the type and quality of improvements constructed in the
warehouse portion of the Original Demised Premises. Upon the completion of the
construction of the Expansion Improvements, Tenant shall promptly provide
Landlord with a complete set of the final "as-built" plans for the Expansion
Improvements together with a copy of the certificate of occupancy (or its
equivalent) for the Expansion Space. Notwithstanding anything herein to the
contrary, within thirty (30) days after the Amendment Date, Landlord shall pay
to Tenant the amount of $428,000.00 to be applied by Tenant toward the cost of
the Expansion Improvements.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
19.&nbsp;&nbsp;&nbsp;Special Stipulations 2 (Right of First Refusal to Lease), 3
(Option to Extend Term), 7 (Landlord's Insurance), 9 (Operating Expenses - Cap
on Controllable Expenses), 11 (Option to Purchase) and 12 (Substantial
Completion) set forth on Exhibit C to the Lease are hereby deleted in their
entirety and shall be of no further force or effect.u</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
20.&nbsp;&nbsp;&nbsp;<U>Option to Extend Term</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Landlord hereby grants to
Tenant one (1) option to extend the Term for a period of five (5) years, such
option to be exercised by Tenant giving written notice of its exercise to
Landlord in the manner provided in this Lease at least one hundred eighty (180)
days prior to (but not more than two hundred ten (210) days prior to) the
expiration of the Term, as extended hereby. No extension option may be exercised
by Tenant if an Event of Default has occurred and is then continuing or any
facts or circumstances then exist which, with the giving of notice or the
passage of time, or both, would constitute an Event of Default either at the
time of exercise of the option or at the time the applicable Term would
otherwise have expired if the applicable option had not been
exercised.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If Tenant exercises its
option to extend the Term, Landlord shall, within thirty (30) days after the
receipt of Tenant's notice of exercise, notify Tenant in writing of Landlord's
reasonable determination of the Base Rent for the Demised Premises for the five
(5) year option period, which amount shall not be less than the Base Rental rate
to be in effect immediately prior to the commencement of such option period,
taking into account all relevant factors for space of this type in the Buford,
Georgia area. Tenant shall have thirty (30) days from its receipt of Landlord's
notice to notify Landlord in writing that Tenant does not agree with Landlord's
determination of the Base Rent and therefore that Tenant elects to retract its
option to extend the Term, in which case the Term, as extended by this
Amendment, shall expire on its scheduled expiration date and Tenant's option to
extend the Term shall be void and of no further force and effect. If Tenant does
not notify Landlord of such retraction within thirty (30) days of its receipt of
Landlord's notice, Base Rent for the Demised Premises for the extended term
shall be the Base Rent set forth in Landlord's notice to Tenant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Except for the Base Rent,
which shall be determined as set forth in subparagraph (b) above, leasing of the
Demised Premises by Tenant for the extended term shall be subject to all of the
same terms and conditions set forth in the Lease, including Tenant's obligation
to pay Tenant's share of Operating Expenses as provided in the Lease; provided,
however, that any improvement allowances, rent abatements or other concessions
applicable to the Demised Premises during the initial Term shall not be
applicable during any such extended term, nor shall Tenant have any additional
extension options unless expressly provided for in the Lease. Landlord and
Tenant shall enter into an amendment to this Lease to evidence Tenant's exercise
of its renewal option. If this Lease is guaranteed, it shall be a condition of
Landlord's granting the renewal that Tenant deliver to Landlord a reaffirmation
of the guaranty in which the guarantor acknowledges Tenant's exercise of its
renewal option and reaffirms that the guaranty is in full force and effect and
applies to said renewal.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
21.&nbsp;&nbsp;&nbsp;Except for Cushman &amp; Wakefield of Georgia, whose
commission shall be paid by Landlord, Landlord and Tenant each represents and
warrants to the other that neither party has engaged or had any conversations or
negotiations with any broker, finder or other third party concerning the matters
set forth in this Amendment who would be entitled to any commission or fee based
on the execution of this Amendment. Landlord and Tenant each hereby indemnifies
the other against and from any claims for any brokerage commissions and all
costs, expenses and liabilities in connection therewith, including, without
limitation, reasonable attorneys' fees and expenses, for any breach of the
foregoing. The foregoing indemnification shall survive the termination of the
Lease for any reason.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
22.&nbsp;&nbsp;&nbsp;Except as expressly provided herein, no free rent, moving
allowances, tenant improvement allowances or other such financial concessions
contained in the Lease shall apply to the Term as extended hereby. Tenant
accepts the Demised Premises in their "as-is" condition.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
23.&nbsp;&nbsp;&nbsp;Tenant represents to Landlord that, as of the date hereof,
Landlord is not in default of the Lease.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
24.&nbsp;&nbsp;&nbsp;For purposes of this Amendment, the term "Amendment Date"
shall mean the date upon which this Amendment is signed by Landlord or Tenant,
whichever is later.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
25.&nbsp;&nbsp;&nbsp;Except as amended hereby, the Lease shall be and remain in
full force and effect and unchanged. As amended hereby, the Lease is hereby
ratified and confirmed by Landlord and Tenant. To the extent the terms hereof
are inconsistent with the terms of the Lease, the terms hereof shall
control.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
26.&nbsp;&nbsp;&nbsp;The submission of this Amendment to Tenant for examination
or consideration does not constitute an offer to amend the Lease, and this
Amendment shall become effective only upon the execution and delivery thereof by
Landlord and Tenant. Execution and delivery of this Amendment by Tenant to
Landlord constitutes an offer to amend the Lease on the terms contained herein.
The offer by Tenant will be irrevocable until 6:00 p.m. Eastern time for fifteen
(15) days after the date of execution of this Amendment by Tenant and delivery
to Landlord.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
and sealed as of the Amendment Date.</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT><BR>
<BR>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 12, 2006
&nbsp;&nbsp;&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></TD>
<TD WIDTH=50%>LANDLORD:<BR>
<BR>
HAMILTON MILL BUSINESS CENTER, LLC,<BR>
a Delaware limited liability company<BR>
<BR>
By:&nbsp;&nbsp;Industrial Developments International (Georgia), L.P.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a Georgia limited partnership, its sole member<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDI (Georgia), Inc., a Georgia corporation,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;its sole general partner<BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attest:<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;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name:<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;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=RIGHT><FONT SIZE=3>[CORPORATE SEAL]</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT><BR>
Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/6/06
&nbsp;&nbsp;&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></TD>
<TD WIDTH=50%> TENANT:<BR>
<BR>
GLOBAL EQUIPMENT COMPANY, INC.,<BR>
a New York corporation<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>
<BR>
Attest:<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;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name:<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;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=RIGHT><FONT SIZE=3>[CORPORATE SEAL]</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>CONSENT OF GUARANTOR</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>The capitalized terms of this Consent shall have the meaning as
defined in the Amendment to which this Consent is attached (the
&#147;Amendment&#148;), unless otherwise defined. The undersigned, being the
Guarantor of the Lease under that certain Guaranty dated December 8, 2005 from
Guarantor to Hamilton Mill Business Center, LLC, hereby consents to the
Amendment, and acknowledges and reaffirms that the Guaranty is in full force and
effect as it relates to the Lease, as amended by the Amendment. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT>Date:&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;</U></TD>
<TD WIDTH=50%>GUARANTOR:<BR>
<BR>
SYSTEMAX INC., a Delaware corporation<BR>
<BR>
<BR>
By:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attest:<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;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;
Name:<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;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:<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;&nbsp;&nbsp;&nbsp;</U>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=RIGHT><FONT SIZE=3>[CORPORATE SEAL]</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B><U>EXHIBIT &#147;A&#148;</U></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>LAND DESCRIPTION<BR>
LOT M, PHASE SIX, HAMILTON MILL BUSINESS CENTER</B> </FONT></P>

<P><FONT SIZE=3>ALL that tract or parcel of land, lying and being
in Land Lots 262 and 267 of the 7th Land District, in the City of Buford,
Gwinnett County, Georgia, containing 40.90 acres of land, more or less, and
being more particularly described as follows:</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>BEGINNING at a point at the intersection of the northeasterly
margin of the 110-foot right-of-way of Hamilton Mill Road and the southeasterly
terminus of the right-of-way of Mill Center Parkway; thence departing the
northeasterly margin of the 110-foot right-of-way of Hamilton Mill Road and
along the southeasterly margin of the right-of-way of Mill Center Parkway the
following courses and distances: North 38 degrees 13 minutes 02 seconds West,
49.45 feet to a point; North 49 degrees 53 minutes 04 seconds West, 198.25 feet
to a point; 72.71 feet along the arc of a curve to the right having a radius of
46.95 feet, chord bearing of North 06 degrees 39 minutes 30 seconds West and
chord distance of 65.66 feet to a point; 50.17 feet along the arc of a curve to
the left having a radius of 390.00 feet, chord bearing of North 33 degrees 30
minutes 49 seconds East and chord distance of 50.13 feet to a point; 21.39 feet
along the arc of a curve to the right having a radius of 310.00 feet, chord
bearing of North 31 degrees 48 minutes 18 seconds East and chord distance of
21.38 feet to a point; North 33 degrees 46 minutes 54 seconds East, 78.76 feet
to a point; 53.12 feet along the arc of a curve to the left having a radius of
564.00 feet, chord bearing of North 31 degrees 05 minutes 00 seconds East and
chord distance of 53.10 feet to a point; 53.12 feet along the arc of a curve to
the right having a radius of 564.00 feet, chord bearing of North 31 degrees 05
minutes 00 seconds East and chord distance of 53.10 feet to a point; North 33
degrees 46 minutes 54 seconds East, 744.59 feet to a point; 30.95 feet along the
arc of a curve to the left having a radius of 305.00 feet, chord bearing of
North 30 degrees 52 minutes 28 seconds East and chord distance of 30.94 feet to
a point; 24.81 feet along the arc of a curve to the left having a radius of
305.00 feet, chord bearing of North 25 degrees 38 minutes 13 seconds East and
chord distance of 24.81 feet to a point; 17.50 feet along the arc of a curve to
the left having a radius of 605.00 feet, chord bearing of North 22 degrees 28
minutes 40 seconds East, and chord distance of 17.50 feet to a point; 3.80 feet
along the arc of a curve to the right having a radius of 605.00 feet, chord
bearing of North 21 degrees 28 minutes 08 seconds East, and chord distance of
3.80 feet to a point; North 21 degrees 17 minutes 20 seconds East, 70.25 feet to
a point; 39.80 feet along the arc of a curve to the right having a radius of
338.00 feet, chord bearing of North 17 degrees 54 minutes 55 seconds East, and
chord distance of 39.78 feet to a point; 59.50 feet along the arc of a curve to
the right having a radius of 352.00 feet, chord bearing of North 19 degrees 23
minutes 03 seconds East, and chord distance of 59.43 feet to a point; 2.32 feet
along the arc of a curve to the right having a radius of 520.00 feet, chord
bearing of North 24 degrees 21 minutes 18 seconds East, and chord distance of
2.32 feet to the TRUE POINT OF BEGINNING; thence continuing along the
southeasterly margin of the right-of-way of Mill Center Parkway the following
courses and distances: 84.40 feet along the arc of a curve to the right having a
radius of 520.00 feet, chord bearing of North 29 degrees 07 minutes 58 seconds
East, and chord distance of 84.31 feet to a point; North 33 degrees 46 minutes
58 seconds East, 1223.77 feet to a point; 53.12 feet along the arc of a curve to
the right having a radius of 564.00 feet , chord bearing of North 36 degrees 28
minutes 52 seconds East and chord distance of 53.10 feet to a point; 53.12 feet
along the arc of a curve to the left having a radius of 564.00 feet, chord
bearing of North 36 degrees 28 minutes 52 seconds East and chord distance of
53.10 feet to a point; North 33 degrees 46 minutes 58 seconds East, 90.00 feet
to a point; 53.12 feet along the arc of a curve to the left having a radius of
564.00 feet, chord bearing of North 31 degrees 05 minutes 04 seconds East and
chord distance of 53.10 feet to a point; 53.12 feet along the arc of a curve to
the right having a radius of 564.00 feet, chord bearing of North 31 degrees 05
minutes 04 seconds East and chord distance of 53.10 feet to a point; North 33
degrees 46 minutes 58 seconds East, 300.73 feet to a point; 64.74 feet along the
arc of a curve to the right having a radius of 520.00 feet, chord bearing of
North 37 degrees 21 minutes 20 seconds East and chord distance of 64.70 feet to
a point; 10.93 feet along the arc of a curve to the right having a radius of
25.00 feet , chord bearing of North 79 degrees 17 minutes 50 seconds East and
chord distance of 10.84 feet to a point; 102.87 feet along the arc of a curve to
the left having a radius of 60.00 feet, chord bearing of North 42 degrees 42
minutes 05 seconds East and chord distance of 90.72 feet to a point; thence
departing said right-of-way 140.67 feet along the arc of a curve to the right
having a radius of 520.00 feet, chord bearing of North 59 degrees 40 minutes 03
seconds East and chord distance of 140.25 feet to a point; North 67 degrees 25
minutes 04 seconds East, 91.36 feet to a point; 222.78 feet along the arc of a
curve to the left having a radius of 600.00 feet, chord bearing of North 56
degrees 46 minutes 51 seconds East and chord distance of 221.50 feet to a point;
South 29 degrees 23 minutes 13 seconds East, 1.15 feet to a point; South 29
degrees 23 minutes 13 seconds East, 505.01 feet to a point; South 30 degrees 33
minutes 23 seconds East, 115.66 feet to a point; South 33 degrees 46 minutes 58
seconds West, 2026.32 feet to a point; South 78 degrees 46 minutes 55 seconds
West, 236.84 feet to a point; North 56 degrees 48 minutes 49 seconds West,
605.85 feet to the TRUE POINT OF BEGINNING. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B><U>EXHIBIT &#147;B&#148;</U></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>[EXPANSION SPACE]</FONT></P>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>6
<FILENAME>systemax-ex1021_070506.htm
<DESCRIPTION>EX-10.21
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.21</TITLE>
</HEAD>
<BODY>
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<P ALIGN=CENTER><FONT SIZE=3><B>FIRST AMENDMENT TO LEASE</B> </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
FIRST AMENDMENT TO LEASE (this &#147;Amendment&#148;) is dated as of February 1, 2006 and
is made by and between Ambassador Drive LLC, an Illinois limited liability company
(&#147;Landlord&#148;) and Global Computer Supplies Inc., a New York corporation, f/k/a
Systemax Incorporated (&#147;Tenant&#148;). </FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B> <U>RECITALS</U></B> </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American National Bank and Trust Company of
Chicago, as Trustee u/t/a dated January 31, 1995, a/k/a Trust No. 120041-07, as
landlord, Tenant, as tenant and Walsh, Higgins &amp; Company, an Illinois
corporation, as contractor, entered into that certain Build-To-Suit Lease
Agreement dated April 21, 1995 (the &#147;Lease&#148;), with respect to that
certain premises commonly known as 175 Ambassador Drive, Naperville, Illinois
(the &#147;Demised Premises&#148;). </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to a series of conveyances and
assignments, Landlord is the current fee owner of the Demised Premises and
holder of all right, title and interest of landlord under the Lease. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walsh, Higgins &amp; Company has completed its
obligations under the Lease to construct the Initial Improvements and is
therefore not a party to this Amendment. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landlord and Tenant have agreed to amend the
Lease to expand the Initial Improvements, extend the expiration date of the
Lease term and otherwise amend the Lease, all in accordance with the terms of
this Amendment. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW
THEREFORE, in consideration of the terms and conditions of this Amendment and for
other good and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged, Landlord and Tenant hereby agree to amend the Lease as follows: </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> <U>Incorporation</U>.</B> The above recitals are
incorporated as if fully rewritten herein.</FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> <U>Defined Terms</U>.</B> All capitalized terms
used in this Amendment but not otherwise defined herein shall have the same
meaning as those terms are defined to have in the Lease.</FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B> <U>Term of Lease</U>.</B></FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective on the
Expansion Commencement Date, Section 1.1 of the Lease is hereby deleted in its
entirety and replaced with the following: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&#147;Section
1.1 &#150; <U>Initial Term</U>. Except as otherwise provided in this Lease, the initial
term of this Lease (&#147;Initial Term&#148;) shall be for twenty (20) years, commencing
on the Expansion Commencement Date (as such term is defined in Section 2A.3(a) hereof),
and ending on the date which is twenty (20) years, less one (1) day, after the Expansion
Commencement Date (&#147;Initial Term Termination Date&#148;). As of the date of this
Lease, Landlord and Tenant anticipate that the Initial Term Commencement Date will be
August 18, 2006, and that the Initial Term Termination Date will be August 17, 2026.
Notwithstanding the foregoing, the Initial Term Commencement Date and the Initial Term
Termination Date shall be as set forth in this Section 1.1 and Section 2A.3(a) hereof, but
in no instance shall the Initial Term be less than twenty (20) years, unless sooner
terminated as provided herein.&#148; </FONT></TD>
</TR>
</TABLE>
<BR>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective on the
Expansion Commencement Date, Section 1.2 is hereby deleted in their entirety.
</FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective as of
the date of this Amendment, Section 1.3 and the third paragraph of Section 1.4
of the Lease are hereby deleted in its entirety. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective as of
the date of this Amendment, Section 1.5 of the Lease is hereby deleted in its
entirety and replaced with the following: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&#147;Section
1.5 &#150; <U>Exercise of Options to Renew</U>. If Tenant wishes to exercise its options
for either or both of the Renewal Terms, it shall give written notice thereof
(&#147;Renewal Notice&#148;) to Landlord not later than twelve (12) months prior to the
expiration of the Initial Term or the First Renewal Term, as applicable. It shall be a
condition to the exercise and effectiveness of each option for a Renewal Term that Tenant
shall not be in default of any of the terms, provisions or conditions of this Lease,
either at the time of delivery of the Renewal Notice in question, or at the commencement
of the Renewal Term in question; provided, however, that Landlord shall have the right, in
its sole discretion, to waive any such default for purposes of Tenant&#146;s exercise of
the Renewal Term.&#148; </FONT></TD>
</TR>
</TABLE>
<BR>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Expansion of Demised Premises</U>.</FONT></P>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%>&nbsp;</TD>
               <TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective as of the date of this Amendment,
Sections 2.6, 2.7 and 2.8 of the Lease are hereby deleted in their
entirety.</TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%>&nbsp;</TD>
               <TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective as of the date of this Amendment,
<U>Exhibit G</U> to the Lease is hereby superseded in its entirety with
<U>Exhibit G</U> attached to this Amendment.</TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%>&nbsp;</TD>
               <TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective as of the date of this Amendment,
Article 2A of the Lease is hereby deleted in its entirety and replaced with the
following:</TD>
               </TR>
               </TABLE>
               <BR>

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<P ALIGN=CENTER><FONT SIZE=3><B>&#147;ARTICLE 2A<BR>
EXPANSION OF DEMISED PREMISES</B> </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 2A.l &#151; Expansion Improvements.</B> </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
&#147;Expansion Improvements&#148; shall mean that additional bulk warehouse space and
dock facilities, if any, contiguous to the Initial Improvements and associated site work,
all of which shall be as depicted in <U>Exhibit G</U> attached hereto and made a part
hereof, which Landlord shall cause to be constructed on the Land, subject to finalization
and preparation of the Final Expansion Base Building Plans and Final Expansion Interior
Design Plans and Specifications (as such terms are defined in Section 2A.2 below), in
accordance with this Article 2A. Attached hereto and made part hereof as <U>Exhibit G</U>
are preliminary expansion plans and specifications for the Expansion Improvements
(&#147;Preliminary Expansion Plans and Specifications&#148;), consisting of outline
specifications prepared by McShane Construction Corporation dated October 18, 2005,
revised November 2, 2005, November 11, 2005 and further revised February 13, 2006; site
plan dated February 10, 2006; floor plan dated February 10, 2006 and Civil Drawings sheets
C0-C5 dated February 9, 2006. Tenant has reviewed and approved all of the Preliminary
Expansion Plans and Specifications. Tenant hereby authorizes and directs Landlord to
proceed with the preparation of the components of the Final Expansion Plans and
Specifications and the commencement of construction of the Expansion Improvements. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2A.2 Preparation of Expansion Plans.</B> On or before the date which is forty- five
(45) days after the date hereof and subject to Section 2A.8 hereof, Landlord shall cause
to be prepared and delivered to Tenant all of the components of the (i) base building
specifications for the Expansion Improvements (&#147;Final Expansion Base Building
Plans&#148;) and (ii) interior design specifications for the Expansion Improvements
(&#147;Final Expansion Interior Design Plans and Specifications&#148;); each of which
shall be prepared by Harris Architects, Inc. (&#147;Expansion Architect&#148; or
&#147;Architect&#148;), shall be based on the Preliminary Expansion Plans and
Specifications and shall be in a form sufficiently complete to enable the issuance of a
building permit by the City. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
each component of the Final Expansion Base Building Plans and the Final Expansion Interior
Design Plans and Specifications, respectively, submitted by Landlord is in substantial
compliance with the Preliminary Expansion Plans and Specifications, then Tenant shall
neither unreasonably withhold its approval of any such submitted component (except for
just and reasonable cause) nor act in an arbitrary or capricious manner with respect to
the approval thereof; provided, further however, that it shall be unreasonable for Tenant
to withhold its approval of any submitted component if (i) the component (or any revision
thereto) is designed or necessary to meet any municipal or private business park
requirement or restriction; or (ii) the component is in substantial conformance with the
Preliminary Expansion Plans and Specifications. The procedure for the approval or
disapproval, revision and resubmission of the components of the Final Expansion Plans and
Specifications shall be the same as set forth in Section 2.2(c) hereof for the Final Plans
and Specifications for the Initial Improvements, except that Tenant will have ten (10) not
twenty (20) business days after Landlord&#146;s initial delivery to Tenant of each
component of the Final Expansion Plans and Specifications to either approve or disapprove
each such component. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
each component of the Final Expansion Plans and Specifications has been approved by
Tenant, Landlord and Tenant shall affix their respective signatures or initials to a
schedule describing each such approved component. Such approved components shall
constitute all or a portion of the Final Expansion Plans and Specifications and shall be
deemed to become attached to and made a part of this Lease as <U>Exhibit H</U>. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 2A.3 Expansion Commencement Date; Delivery of
Expansion Improvements.</B> </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Expansion Commencement Date</U>. The
&#147;Expansion Commencement Date&#148; shall be the date on which the Expansion
Improvements are Substantially Completed. For purposes of this Amendment, the
Expansion Improvements shall be deemed to be &#147;Substantially Completed&#148;
(or &#147;Substantially Complete&#148; or &#147;Substantial Completion&#148;) on
the date the requisite governmental authority having jurisdiction has issued
with respect thereto a temporary certificate of occupancy. Notwithstanding the
foregoing, if Lender&#146;s Architect, or if none, the Expansion Architect, has
certified in writing that, as of a date certain set forth in such written
certification, the Expansion Improvements would have been Substantially
Completed but for a Tenant Extension, then the Expansion Improvements shall
nevertheless be deemed to be Substantially Completed for purposes of determining
the Expansion Commencement Date on the date certain set forth in Lender&#146;s
Architect&#146;s or the Expansion Architect&#146;s aforesaid certification.
Section 2.5(b) of the Lease is hereby amended to (A) add the following items to
the definition of Tenant Extension: &#147;. . . (D) Tenant&#146;s failure to pay
for any Change Order when due, or (E) any Change Order related to a Soil
Conditions Adjustment (as defined in <U>Section 2A.5</U> hereinafter). .
..&#148;; and (B) add the following items to the definition of Permitted Delays:
&#147;. . . (vi) unusually severe weather; (vii) delays in obtaining building
permits; or (viii) other acts or occurrences beyond the reasonable control of
Expansion Contractor, or its employees, agents, contractors, subcontractors,
sub-subcontractors or representatives. . .&#148; Landlord shall deliver
possession of the Expansion Improvements to Tenant on the Expansion Commencement
Date. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Scheduled Expansion Completion Date</U>.
Subject to the conditions herein set forth, the anticipated Expansion
Commencement Date will be August 18, 2006 (&#147;Scheduled Expansion Completion
Date&#148;); provided, however, that Landlord shall use commercially reasonable
efforts to cause McShane Construction Corporation (&#147;Expansion
Contractor&#148;) (without the incurrence of overtime or similar type charges
unless requested by Tenant in writing and paid for by Tenant in advance at
Tenant&#146;s sole cost and expense) to achieve the Expansion Commencement Date
as soon as practicable. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2A.4 Scope of Work.</B> Weather permitting, promptly following the approval of
the Final Expansion Plans and Specifications, Landlord shall cause to be
furnished, at Landlord&#146;s sole cost and expense, all the material, labor and
equipment necessary for the commencement and completion of construction of the
Expansion Improvements. Landlord shall cause Expansion Contractor to construct
the Expansion Improvements in a good and workmanlike manner in substantial
accordance with the Final Expansion Plans and Specifications. In the event that
any materials specified in the Final Expansion Plans and Specifications are not
reasonably available to Landlord or Expansion Contractor, Landlord and Expansion
Contractor reserve the right to substitute materials of higher or equal quality
provided Tenant gives its approval, which approval shall not be unreasonably
withheld and which shall be deemed given if Tenant does not disapprove within
three (3) days after receipt of a substitution notification. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landlord
acknowledges and agrees that Landlord will bear certain responsibility, as described in
this Section 2A.4, for assuring that the Final Expansion Plans and Specifications will be
in compliance with the ADA. (For purposes of this Section 2A.4, the term &#147;ADA&#148;
shall mean the ADA as theretofore amended and, with respect to the rules and regulations
thereunder, as theretofore issued.) The preparation of the Preliminary Expansion Plans and
Specifications by or for Landlord will be based on, among other things, Expansion
Architect&#146;s knowledge of the ADA, as the ADA may then be customarily implemented in
&#147;non-user specific&#148; warehouse/distribution/office facilities constructed in the
Naperville/Aurora, Illinois commercial marketplace, as well as on the Preliminary
Expansion Plans and Specifications. As an integral part of its obligations during the
review, submittal and revision procedure set forth herein with respect to the Final
Expansion Plans and Specifications, Tenant shall inform Landlord of any and all necessary
changes thereto in order for the Demised Premises to be in compliance the ADA, with
respect to Tenant&#146;s intended use of the Demised Premises. Landlord shall thereafter
cause to be made any and all such changes to the Final Expansion Plans and Specifications
of which Tenant informs it. However, anything in this Lease to the contrary
notwithstanding, any and all such changes in the Final Expansion Plans and Specifications
shall automatically and conclusively be deemed to be a Change Order to which Tenant has
agreed. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2A.5 Expansion Change Orders.</B> Tenant shall be allowed to request (and shall be deemed
to have agreed to) Change Orders with respect to the Expansion Improvements in the same
manner and with the same effect as Change Orders to the Initial Improvements; expressly
excepting, however, that notwithstanding anything to the contrary contained in Section
2.4: (i) if the Change Order Cost is less than the original charge for the work being
deleted or changed, the amount of actual costs savings up to but in no event exceeding
$100,000 in the aggregate for all Change Orders shall be credited to Tenant (with any cost
savings of $100,000 or more accruing solely to Landlord without credit to Tenant); (ii) if
the Change Order Cost is greater than the original charge for the work being changed, then
Tenant shall pay to Landlord such Change Order Cost simultaneously with execution of the
Change Order; and (iii) any Soil Conditions Adjustment shall automatically and
conclusively be deemed to be a Change Order to be paid at Tenant&#146;s sole cost and
expense. For purposes hereof, a &#147;Soil Conditions Adjustment&#148; is any soil
conditions which differ materially from those recommended in the soil report and result in
an increase to cost of construction of the Expansion Improvements, including without
limitation, any condition which requires added structural or foundation support, the
importation or exportation of soil or fill to level the site or otherwise put the site in
readily buildable condition. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2A.6 Warranty as to Expansion Improvements.</B> Subject to Section 2A.4 hereof with
respect to compliance with ADA in regard to the Expansion Improvements, Landlord shall
cause Expansion Contractor to warrant to Tenant, for a period of one (1) year after
Substantial Completion of the Expansion Improvements (&#147;Warranty Period&#148;), that
the Expansion Improvements shall be constructed in substantial compliance with the Final
Expansion Plans and Specifications, and shall be free from defects in workmanship or
materials. After the conclusion of the Warranty Period, Landlord or Expansion Contractor,
as the case may be, shall assign and transfer to Tenant all assignable warranties then in
effect with respect to the Expansion Improvements which were given to Landlord or
Expansion Contractor in the first instance. Among other things, Landlord shall cause the
warranty on the roof (fifteen (15) years labor and material, plus five (5) additional
years material only) of the Expansion Improvements to be assigned and transferred jointly
to Tenant and Landlord. If during the Warranty Period, Tenant notifies Landlord, in
writing, of defective workmanship or materials in the construction of the Expansion
Improvements, Landlord shall notify Expansion Contractor to promptly cause such defect to
be corrected. Thereafter, the Warranty Period for the item or items which were defective
and were corrected pursuant to the preceding sentence, and only for such item or items,
shall continue for a period of one (1) year after the date of such correction. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landlord
and Tenant hereby acknowledge and agree that with respect to any latent defects in
workmanship or materials in the construction of the Expansion Improvements, Landlord and
Tenant shall be governed by the provisions of Illinois statutory and common law,
including, without limitation, the provisions of 735 ILCS 5/13-214, as the same may be
amended, modified and interpreted from time to time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Large Indent" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything
in this Lease to the contrary notwithstanding, in the event that Tenant suffers or incurs
any indirect or consequential damages as a result of a breach of the foregoing warranty,
Tenant waives any claims with respect thereto against Landlord and agrees that Landlord
shall not be liable therefor. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
warranty which is provided hereunder is limited in certain respects and is conditioned on
the following: </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenant shall use the Expansion Improvements
only in accordance with the design capacities and criteria established therefor.
Tenant acknowledges that any misuse thereof may void the warranty hereunder, and
may void any manufacturers&#146; or other warranties which may be assigned to
Tenant hereunder. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the foregoing, the warranty
hereunder shall not extend to the electrical systems, plumbing systems, heating,
ventilating and air conditioning systems, fire protection systems or other
mechanical systems servicing the Expansion Improvements, unless said systems are
maintained and operated in compliance with the manufacturers&#146;
specifications therefor by one or more professionals experienced in the
maintenance and servicing of such systems, at least through the Warranty Period.
</FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any and all work required to be performed
under this Section 2A.6 (&#147;Warranty Work&#148;) shall not in any way include
or require Landlord or Expansion Contractor to perform any routine or
appropriate regular maintenance of the Expansion Improvements required to be
performed by Tenant during the Warranty Period (or thereafter) as part of
Tenant&#146;s Repairs and Maintenance (as such term is defined in Section 6.2
hereof). </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2A.7 Expansion Punch List.</B> Landlord, Expansion Contractor and Tenant shall, on the
date on which the Expansion Improvements are Substantially Completed, make a joint
physical inspection of the Expansion Improvements to list the remaining items of work to
be completed (&#147;Punch List Items&#148;). Landlord shall cause Expansion Contractor to
deliver, in writing, an unconditional promise to complete the Punch List Items within a
reasonable period of time in respect to each item, taking into account diligence and good
and workmanlike practices. Such time period shall not be longer than sixty (60) days,
subject to Permitted Delays (including, without limitation, the inability to obtain
supplies or other items on a timely basis and work which is weather-dependent), in the
event of which Permitted Delays, Expansion Contractor shall nonetheless diligently pursue
the completion of the Punch List Items as promptly as practicable. In the event of a
disagreement among or between the parties as to the inclusion or the exclusion of a Punch
List Item, the decision of the Expansion Architect, which decision shall be based solely
on the determination of whether the item in question was constructed in substantial
conformity with the Final Expansion Plans and Specifications shall control. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2A.8 Limitation on Landlord&#146;s Obligations.</B> Anything in this Article 2A or
elsewhere in this Lease to the contrary notwithstanding, Landlord&#146;s obligations under
this Article 2A are expressly made contingent on (a) there having been no material adverse
change in the financial condition or creditworthiness of Tenant, and (b) Landlord&#146;s
ability to obtain all necessary approvals, consents and permits which at the time of the
proposed expansion are required by the City and any and all other governmental authorities
then having jurisdiction over the Demised Premises. Landlord shall use its best efforts in
regard to obtaining any and all such approvals, consents and permits.&#148; </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Base Rent</U>.</B> Effective as of the Expansion
Commencement Date, Section 3.1 of the Lease is hereby deleted in its entirety
and replaced with the following:</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Section
3.1</B> <U>Payment of Base Rent</U>. As part of the consideration to be paid by Tenant to
Landlord under this Lease, and in accordance with the terms, provisions and conditions of
this Lease, Tenant shall pay base rent with respect to the Demised Premises as set forth
in this Article 3 (&#147;Base Rent&#148;) as follows: </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base Rent for Initial Term; First Renewal Term
and Second Renewal Term. </FONT></P>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%>&nbsp;</TD>
               <TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>First 11 Years</U>. During the first 11 years of the Initial Term, being from
               the Expansion Commencement Date through the date which is 11 years, less one (1)
               day thereafter, the annual Base Rent with respect to the Demised Premises shall
               be One Million Two Hundred Fifty-Eight Thousand One Hundred Thirty-Eight and
               20/100 Dollars ($1,258,138.20), subject to annual increases as hereafter
               provided. Commencing with the first Adjustment Date (as defined in Section
               3.1(b) hereafter) and continuing on each subsequent Adjustment Date thereafter,
               Base Rent during the first 11 years of the Initial Term shall be increased by an
               amount equal to the product of the then-current Base Rent being paid times the
               Adjustment Percentage (as defined in Section 3.1(b) hereafter), which increases
               shall be compounded. The increased annual Base Rent shall constitute the annual
               Base Rent due and payable until the next Adjustment Date throughout the first 11
               years of the Initial Term.</TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%>&nbsp;</TD>
               <TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Years 12 through 15</U>. During years 12 through 15 of the Initial Term,
               being from the date which is 12 years after the Expansion Commencement Date
               through the date which is 15 years, less one (1) day, after the Expansion
               Commencement Date, the annual Base Rent shall remain fixed during said years 12
               through 15 at the same annual Base Rent then payable during the eleventh
               (11th) year of the Initial Term.</TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%>&nbsp;</TD>
               <TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Years 16 through 20</U>. During years 16 through 20 of the Initial Term,
               being from the date which is 16 years after the Expansion Commencement Date
               through the Initial Termination Date, the annual Base Rent shall remain fixed
               during said years 16 through 20 at an annual rate equal to the result obtained
               by taking an annual Base Rent of $1,258,138.20 and having increased the same on
               each Adjustment Date over the first 15 years of the Initial Term and on the
               first day of the 16<SUP>th</SUP> year by applying the Adjustment Percentage to
               said amount on a compounded basis.</TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%>&nbsp;</TD>
               <TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>First Renewal Term</U>. In the event that Tenant elects to renew the term of
               this Lease for the First Renewal Term, then during the First Renewal Term, the
               Base Rent shall be equal to the greater of (A) the fair market base rent, as
               determined in accordance with Section 3.1(d) hereof (&#147;Fair Market Base
               Rent&#148;) or (B) the then-current annual Base Rent payable immediately prior
               to the First Renewal Term increased by two and one-half percent (2.5%). Base
               Rent payable during the First Renewal Term shall be increased annually on each
               Adjustment Date by an amount equal to the product of the then-current Base Rent
               being paid times the Adjustment Percentage, which increases shall be compounded.
               The increased annual Base Rent shall constitute the annual Base Rent due and
               payable until the next Adjustment Date throughout the First Renewal Term.</TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%>&nbsp;</TD>
               <TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Second Renewal Term</U>. In the event that Tenant elects to renew the term of
               this Lease for the Second Renewal Term, then during the Second Renewal Term, the
               Base Rent shall be equal to the greater of (A) Fair Market Base Rent or (B) the
               then-current annual Base Rent payable immediately prior to the Second Renewal
               Term increased by two and one-half percent (2.5%). Base Rent payable during the
               Second Renewal Term shall be increased annually on each Adjustment Date by an
               amount equal to the product of the then-current Base Rent being paid times the
               Adjustment Percentage, which increases shall be compounded. The increased annual
               Base Rent shall constitute the annual Base Rent due and payable until the next
               Adjustment Date throughout the Second Renewal Term.</TD>
               </TR>
               </TABLE>
               <BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%>&nbsp;</TD>
               <TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Article, the following
definitions shall apply: </TD>
               </TR>
               </TABLE>
               <BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Adjustment
Date&#148; shall mean the first anniversary of the Expansion Commencement Date and each
subsequent anniversary thereafter, including any Renewal Terms if Tenant exercises its
option to renew pursuant to Section 1.5.</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Adjustment
Percentage&#148; shall mean the lesser of (A) the increase in the Consumer Price Index for
the then current Adjustment Date over the immediately preceding year, expressed as a
percentage or (B) two and one-half percent (2.5%) per annum; provided, however, the
Adjustment Percentage shall not be less than zero.</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consumer
Price Index&#148; shall mean the Revised Consumer Price Index for Urban Wage Earners and
Clerical Workers, All Items (base index year 1982-84=100), for Chicago, Gary, Lake County,
IL-IN-WI, as published by the United States Department of Labor, Bureau of Labor
Statistics. If the manner in which the Consumer Price Index is determined by the Bureau of
Labor Statistics shall be substantially revised, including, without limitation, a change
in the base index year, an adjustment shall be made by Landlord in such revised index
which would produce results equivalent, as nearly as possible, to those which would have
been obtained if such Consumer Price Index had not been so revised. If the Consumer Price
Index shall become unavailable to the public because publication is discontinued, or
otherwise, or if equivalent data is not readily available to enable Landlord to make the
adjustment referred to in the preceding sentence, then Landlord will substitute therefor a
comparable index based upon changes in the cost of living or purchasing power of the
consumer dollar published by any other governmental agency or, if no such index shall be
available, then a comparable index published by a major bank or other financial
institution or by a university or a recognized financial publication.</TD>
</TR>
</TABLE>
<BR>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Special Abatement Period</U>. Provided no default by Tenant exists under this
          Lease, Base Rent for the first ninety (90) days of the Initial Term shall be
          abated and in lieu thereof Tenant shall pay to Landlord monthly Base Rent in the
          amount of $81,207.33 per month. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Determining Fair
Market Base Rent</U>. </FONT></P>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>(i) </FONT></TD>
                    <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                    <U>Landlord Proposal.</U> In the event that Tenant has delivered a Renewal
                    Notice, then, not later than eleven (11) months prior to the last day of the
                    Initial Term or the last day of the First Renewal Term, as applicable, Landlord
                    shall notify Tenant, in writing, of Landlord&#146;s determination of Fair Market
                    Base Rent for the Demised Premises for the succeeding Renewal Term
                    (&#147;Landlord&#146;s Fair Market Rent Determination&#148;). Within ten (10)
                    days at the receipt of Landlord&#146;s Fair Market Rent Determination, Tenant
                    shall advise Landlord, in writing, either that (A) Tenant accepts
                    Landlord&#146;s Fair Market Rent Determination; or (B) Tenant chooses to have
                    the Fair Market Base Rent for the Demised Premises to be determined by
                    appraisal. If Tenant accepts Landlord&#146;s Fair Market Rent Determination, the
                    Fair Market Base Rent for the Demised Premises to be used in calculating Base
                    Rent during the succeeding Renewal Term shall be that set forth in
                    Landlord&#146;s Fair Market Rent Determination. If Tenant fails so to notify
                    Landlord within such ten (10)-day period, then Tenant shall be deemed to have
                    accepted Landlord&#146;s Fair Market Rent Determination. However, if Tenant does
                    not accept (or is not deemed to have accepted) Landlord&#146;s Fair Market Rent
                    Determination, the terms, provisions and conditions of Section 3.1 (d)(ii)
                    hereof shall apply. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>(ii) </FONT></TD>
                    <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                    <U>Appraisal</U>. Subject to this Section 3.1(d)(ii), if Tenant does not accept
                    (or is not deemed to have accepted) Landlord&#146;s Fair Market Rent
                    Determination pursuant to Section 3.1(d)(i) above, then the Fair Market Base
                    Rent shall be determined by appraisal. Such appraisal shall be made as
                    hereinafter provided, based upon each such appraiser&#146;s definition of
                    &#147;fair market value&#148; and also based on such criteria as each such
                    appraiser deems appropriate. However, under any and all circumstances, such
                    criteria shall include, without limitation, (A) the then current use of the
                    Demised Premises; (B) the size and condition of the Demised Premises; (C) the
                    duration of the Renewal Term; (D) the financial responsibility arid
                    creditworthiness of Tenant; and (E) rental rates then being charged for
                    comparable premises in the Naperville/Aurora. Illinois commercial marketplace. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3> </FONT></TD>
<TD WIDTH=85%><P ALIGN=LEFT>
Tenant&#146;s
notice to Landlord under Section 3.1(d)(i) not to accept Landlord&#146;s Fair Market Rent
Determination shall include a designation of Tenant&#146;s independent appraiser. Within
five (5) days after Tenant&#146;s designation, Landlord shall designate its independent
appraiser and shall notify Tenant, in writing, thereof. Within five (5) days after
Landlord&#146;s designation, both appraisers shall mutually agree on the designation of a
third appraiser. Landlord shall pay all costs associated with the appraiser designated by
Landlord; Tenant shall pay all costs associated with the appraiser designated by Tenant;
Landlord and Tenant shall share equally in all costs associated with the appraiser
designated by the other two appraisers. All three appraisers shall be reputable, M.A.I.
certified independent real estate appraisers, each of whom shall be knowledgeable and
experienced in the appraisals of rents for warehouse/distribution/office facilities (with
ancillary retail space) in the Naperville/Aurora, Illinois commercial marketplace.</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3> </FONT></TD>
<TD WIDTH=85%><P ALIGN=LEFT>
After their appointment, the appraisers shall be directed to determine
independently the Fair Market Base Rent for the Demised Premises. Within thirty
(30) days after the designation of the third appraiser, all three appraisals of
such Fair Market Base Rent amount(s) shall be submitted, in writing, to Landlord
and Tenant. If two or all three of the appraisals shall be identical in amount,
the Fair Market Base Rent for the Demised Premises, shall be such identical
amount. If none of the appraisals for each such amount are identical, the
highest and the lowest appraisal shall be disregarded and the Fair Market Base
Rent for the Demised Premises shall be the amount determined by the middle
appraisal.</TD>
</TR>
</TABLE>
<BR>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Payment of Base Rent</U>. During the term,
Tenant shall pay the Base Rent in equal monthly installments due and payable, in
advance, on the first day of each calendar month to Landlord at CBRE AAF
Wrightwood Capital/175 Ambassador, P.O. Box 2088 Department #4162, Milwaukee,
Wisconsin 53201; or if you want to wire your payment: Bank Name: Wells Fargo,
Account Name: CBRE AAF Cohen Financial/161 Tower, Account Number: 405-0009232,
ABA Number: 12000248 (or such other entity designated as Landlord&#146;s
management agent), or pursuant to such other directions as Landlord shall
designate in this Lease or otherwise in writing. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B> <U>Roof Replacement</U>.</B> Effective as
of the date of this Amendment, Section 6.2 of the Lease is hereby amended to add
the following thereto:</FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&#147;In
connection with any replacement of the roof, Tenant shall be required to use a Landlord
approved roof vendor and installer. To the extent not otherwise covered by any applicable
roof warranty, Landlord will reimburse Tenant for fifty percent (50%) of the cost
associated with the replacement of the roof on the existing 241,130 square foot building
at the time such roof is replaced. Notwithstanding the foregoing, Landlord shall have no
obligation to reimburse Tenant under this section if: (i) Tenant fails to use a Landlord
approved roof vendor or (ii) at the time of such payment is otherwise due, there is any
Default under this Lease.&#148; </FONT></TD>
</TR>
</TABLE>
<BR>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Real Estate Brokers</U>.</B> Tenant
covenants, warrants and represents to Landlord that Tenant has not dealt with
any broker in connection with the subject matter of this Amendment. Tenant
agrees to and hereby does defend, indemnify and hold Landlord harmless against
and from any brokerage commissions or finder&#146;s fees or claims therefor by a
party claiming to have dealt with Tenant in connection with the subject matter
of this Amendment and all costs, expenses and liabilities in connection
therewith, including, without limitation, reasonable attorneys&#146; fees and
expenses. The foregoing indemnification shall survive the termination or
expiration of the Lease.</FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Authority</U>.</B> Tenant represents and
warrants to Landlord that each individual executing this Amendment on behalf of
Tenant is authorized to do so on behalf of Tenant and that Tenant is not, and
the entities or individuals constituting Tenant or which may own or control
Tenant or which may be owned or controlled by Tenant are not, among the
individuals or entities identified on any list compiled pursuant to Executive
Order 13224 for the purpose of identifying suspected terrorists.</FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Entire Agreement</U>.</B> The entire
agreement of the parties is set forth in this Amendment and in the Lease as
amended hereby. No prior agreement or understanding with respect to the Lease
and this Amendment shall be valid or of any force or effect.</FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B> <U>Conflict; Survival</U>.</B> In the
event of any conflict between the terms of the Lease and the terms of this
Amendment, the terms and provisions of this Amendment shall control in all
events. Except as specifically modified or amended by the terms of this
Amendment, the Lease remains in full force and effect, without change or
modification, and is hereby ratified and confirmed in such respect.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN
WITNESS WHEREOF,</B> Landlord and Tenant have executed this Fourth Amendment to
Lease as of the day and year first above written. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
<B>LANDLORD: </B><BR>
<BR>
AMBASSADOR DRIVE LLC, an Illinois limited<BR>
liability company<BR>
<BR>
<BR>
By: <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;</U><BR>
Name:<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;</U><BR>
Its:<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;</U><BR>
<BR>
<BR>
<B>TENANT:</B><BR>
<BR>
GLOBAL COMPUTER SUPPLIES INC., a New<BR>
York corporation (f/k/a Systemax Incorporated)<BR>
<BR>
By: <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;</U><BR>
Name:<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;</U><BR>
Its:<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;</U>
</TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT SIZE=3><B>EXHIBIT G</B> </FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B> <U>PRELIMINARY EXPANSION PLAN AND SPECIFICATIONS</U></B> </FONT></P>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>7
<FILENAME>systemax-ex1022_070506.htm
<DESCRIPTION>EX-10.22
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.22</TITLE>
</HEAD>
<BODY>

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<P ALIGN=CENTER><FONT SIZE=3><U>AGREEMENT OF PURCHASE AND SALE</U> </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AGREEMENT OF PURCHASE AND SALE (the &#147;Agreement&#148;) is made and entered
as of the date of the later of Buyer&#146;s or Seller&#146;s signature
hereinbelow (the &#147;Effective Date&#148;) by and between SYSTEMAX SUWANEE
LLC, a Delaware limited liability company (&#147;Seller&#148;), and
HEWLETT-PACKARD COMPANY, a Delaware corporation (&#147;Buyer&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Center Underline" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><U>R&nbsp;E&nbsp;C&nbsp;I&nbsp;T&nbsp;A&nbsp;L&nbsp;S:</U> </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement is made with reference to the following facts: </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;
Seller owns that certain real property located in the City of Suwanee, County of
Gwinnett, State of Georgia, commonly known as 120 Satellite Boulevard, N.W., and
more particularly described in <U>Exhibit &#147;A&#148;</U> hereto (the
&#147;Land&#148;). The term &#147;Land&#148; includes, without limitation, all
water, oil, gas, and other mineral rights benefiting, belonging or appurtenant
to the Land and all other rights and appurtenances pertaining to the Land
including, without limitation, all rights-of-way, easements, and development
rights benefiting, belonging or appurtenant to the Land and any right, title and
interest of Seller in and to adjacent streets, alleys or rights of way, strips
and gores and after acquired title rights. Certain improvements exist on the
Land, including a certain building containing approximately 360,675 square feet
of warehouse and office space (the &#147;Building&#148;). The Building and any
other structures and improvements on or to the Land and any mechanical systems
(including, without limitation, HVAC systems), machinery, fixtures and equipment
within, affixed or attached to any of the foregoing are collectively referred to
herein as the &#147;Improvements&#148;. The Land and Improvements are
collectively referred to herein as the &#147;Real Property&#148;.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;
Seller wishes to sell, and Buyer wishes to purchase, the Real Property, the
Personal Property (as defined in Section 9.3, below), and the Assigned Property
(as defined in <U>Exhibit &#147;C&#148;</U> hereto), all on the terms and
subject to the conditions set forth in this Agreement. The Real Property,
Personal Property, and Assigned Property are sometimes collectively referred to
herein as the &#147;Property&#148;.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, for good and valuable consideration the receipt and adequacy of which
are hereby acknowledged, the parties hereto agree as follows: </FONT></P>

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<P><FONT SIZE=3>1.&nbsp;&nbsp;&nbsp;<U>Purchase and Sale</U>. Seller hereby
agrees to sell and convey to Buyer, and Buyer hereby agrees to purchase from
Seller, the Property, on the terms and subject to the conditions set forth in
this Agreement.</FONT></P>

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<P><FONT SIZE=3>2.&nbsp;&nbsp;&nbsp;
<U>Purchase Price</U>. The purchase price of the Property is EIGHTEEN MILLION
DOLLARS SIX HUNDRED SIXTY ONE THOUSAND FIVE HUNDRED THIRTY EIGHT DOLLARS
($18,661,538.00), subject to adjustment in accordance with Section 3.2 below
(the &#147;Purchase Price&#148;), to be paid by Buyer as follows:</FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3>2.1&nbsp;&nbsp;&nbsp;<U>Earnest Money and Liquidated
Damages</U>.</FONT></P>

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<P><FONT SIZE=3>2.1.1&nbsp;&nbsp;&nbsp;Earnest Money. Not later than three (3)
business days after the full execution of this Agreement by both parties and the
parties&#146; deposit of a copy of such fully executed Agreement with Escrow
Holder (as defined below), Buyer shall deposit in escrow (the
&#147;Escrow&#148;) with First American Title Insurance Company (&#147;Escrow
Holder&#148;), National Commercial Services, 1737 North First Street, Suite 100,
San Jose, California 95112, Attn: Sherry Savoy, Escrow Officer, a cash deposit
(collectively with all interest earned thereon while in Escrow, the
&#147;Earnest Money&#148;) in the amount of TWO HUNDRED FIFTY THOUSAND DOLLARS
($250,000.00). If the condition set forth in Section 4.1 below is satisfied or
waived in writing by Buyer, Buyer shall increase the Earnest Money to ONE
MILLION EIGHT HUNDRED THOUSAND DOLLARS ($1,800,000.00) by depositing an
additional ONE MILLION FIVE HUNDRED FIFTY THOUSAND DOLLARS ($1,550,000.00) with
Escrow Holder within two (2) business days after the last day of the Inspection
Period. Upon Buyer&#146;s deposit of such additional funds with Escrow Holder,
all references herein to the &#147;Earnest Money&#148; shall refer to the
original Earnest Money as so increased. The Earnest Money shall be promptly
refunded to Buyer in the event of the timely exercise of any termination right
granted to Buyer in this Agreement or Buyer&#146;s termination of this Agreement
based on Seller&#146;s default (and in any such event, Seller shall instruct
Escrow Holder to so return the Earnest Money), and in the absence of any such
termination shall be retained by Seller, provided that if the Closing (as
defined below) shall occur, the Earnest Money shall be applied against the
Purchase Price at the Closing. Until such time as the Earnest Money is to be
disbursed in accordance with this Agreement, the Earnest Money shall be held by
Escrow Holder in an interest bearing account for the benefit of Buyer. At the
Closing, the Earnest Money shall be applied to the Purchase Price. The Earnest
Money shall constitute liquidated damages for Buyer&#146;s default as provided
in Section 2.1.2 below. </FONT></P>

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<P><FONT SIZE=3>At Seller&#146;s option, Seller may deposit the Deed and any
other instruments or instructions that Seller may be required to deposit in
Escrow hereunder with Escrow Holder through Escrow Holder&#146;s office at
5775-D Glenridge Drive, Suite 400, Atlanta, Georgia 30328, Attn: ______________.
</FONT></P>

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<P><FONT SIZE=3>2.1.2&nbsp;&nbsp;&nbsp;Liquidated Damages. Seller and Buyer have
discussed the possible consequences to Seller if the Escrow fails to close on or
before the Closing Date (defined below). Accordingly, the parties agree that the
Earnest Money shall be paid to and retained by Seller as full liquidated damages
pursuant to O.C.G.A. &sect; 13-6-7, and not as a penalty, if Buyer defaults in
its obligation to purchase the property in accordance with this Agreement. Buyer
and Seller further agree that Seller&#146;s right to be paid and retain the
Earnest Money shall be the sole and exclusive remedy of Seller at law, in equity
or otherwise in the event of such default by Buyer. Seller and Buyer have made
this provision for liquidated damages because it would be difficult to
calculate, on the date hereof, the amount of actual damages for such breach, and
Seller and Buyer agree that these sums represent reasonable compensation to
Seller for such breach. Thus, the parties hereto acknowledge (i) that it is
impossible to pre-estimate more precisely the damages to be suffered by Seller
upon Buyer&#146;s default, (ii) that the amount of the Earnest Money is a
reasonable pre-estimate of the probable loss or damages to Seller in the event
of Buyer&#146;s default, and (iii) that the Earnest Money is intended not as a
penalty, but as full liquidated damages. </FONT></P>

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<P><FONT SIZE=3>2.2&nbsp;&nbsp;&nbsp;<U>Cash at Closing</U>. Buyer shall pay the
balance of the Purchase Price, subject to adjustment pursuant to Sections 7 and
8 below, in cash or other immediately available funds at the Closing.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>3.&nbsp;&nbsp;&nbsp;
<U>Escrow and Closing; Delivery of Documents</U>.</FONT></P>

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<P><FONT SIZE=3>3.1&nbsp;&nbsp;&nbsp;<U>Escrow and Closing</U>. As used herein,
the &#147;Closing&#148; shall mean the act of settlement of the purchase and
sale of the Property in accordance with this Agreement at which, among other
matters, title to the Property is conveyed from Seller to Buyer and the Purchase
Price is paid by Buyer to Seller. The Closing shall occur in escrow on the
Closing Date through the Escrow Holder. Each party shall timely deposit with
Escrow Holder such funds, documents and supplementary written escrow
instructions as may be necessary to consummate this transaction in accordance
with this Agreement. To the extent any such instructions are inconsistent with
this Agreement, the terms of this Agreement shall control. </FONT></P>

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<P><FONT SIZE=3>3.2&nbsp;&nbsp;&nbsp;<U>Closing Date; Condition at Closing;
Purchase Price Adjustment</U>. Subject to the satisfaction or written waiver of
all conditions to the Closing expressly set forth in this Agreement, the Closing
shall occur on the earlier of (a) July 1, 2006, or (b) the fifth (5th) business
day after the entire Property has been vacated by Seller (and all tenants and
other occupants claiming by, through or under Seller), the Property has been put
in the Closing Condition (as defined below) by Seller, and Buyer has received
written notice from Seller that Seller has vacated the Property and put the
Property in the Closing Condition; provided, however, that Seller shall not
deliver such written notice to Buyer before the contingencies contained in
Sections 4.1 (inspection), 4.3 (title) and 4.4 (survey) below have been
satisfied or waived in writing by Buyer (the earlier of (a) or (b) being
referred to herein as the &#147;Closing Date&#148;). The Closing Date may not be
otherwise accelerated, extended or adjourned except as provided in Section 4.2,
the last unnumbered paragraph of Section 4, 11.6.1 or 11.6.2 below or upon the
mutual written agreement of the parties. On the Closing Date, Seller shall
deliver the Property to Buyer in the following condition (the &#147;Closing
Condition&#148;): broom clean, subject only to the Permitted Exceptions (defined
below), and with all of Seller&#146;s business inventory, trade equipment
(including all materials handling equipment), warehouse racking, conveyor
systems, pallet trucks, pallet racks, pallet truck charging stations,
workbenches, furniture, office partitions, file cabinets, computer network
equipment, telephone equipment and all other detached and moveable tangible
personal property (collectively, the &#147;Removable Property&#148;) having been
removed from the Property and all damage resulting from such removal having been
repaired. Within thirty (30) days following the Effective Date, Seller shall
prepare and deliver to Buyer a schedule of the Removable Property. If on or
before June 15, 2006 Seller (and all tenants and other occupants claiming by,
through or under Seller) do not vacate the entirety of the Property or Seller
does not tender the Property to Buyer in the Closing Condition (irrespective of
whether Seller&#146;s inability to do so is the result of force majeure or any
other circumstance beyond Seller&#146;s control) or Seller does not tender to
Buyer through Escrow all of the documents and instruments described in Section
6.1 below, then the Purchase Price shall be reduced by $7,500 per day until
Seller (and all tenants and other occupants claiming by, through or under
Seller) have vacated the entirety of the Property and Seller tenders the
Property to Buyer in the Closing Condition and Seller tenders to Buyer through
Escrow all of the documents and instruments described in Section 6.1 below. If
the Closing occurs prior to April 1, 2006 and upon the Closing Seller (and all
tenants and other occupants claiming by, through or under Seller) have vacated
the entirety of the Property and Seller has delivered the same to Buyer in the
Closing Condition, then the Purchase Price shall be increased by $15,000 for
each day prior to April 1, 2006 that the Closing occurs. If the Closing occurs
on or after April 1, 2006, but prior to May 1, 2006, and upon the Closing Seller
(and all tenants and other occupants claiming by, through or under Seller) have
vacated the entirety of the Property and Seller has delivered the same to Buyer
in the Closing Condition, then the Purchase Price shall be increased by $7,500
for each day on or after April 1, 2006 and prior to May 1, 2006 that the Closing
occurs. </FONT></P>

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<P><FONT SIZE=3>3.3&nbsp;&nbsp;&nbsp;<U>Delivery of Documents</U>. To the extent
not previously delivered to Buyer, Seller shall deliver to Buyer within one (1)
business day after the Effective Date copies of any and all documents,
agreements, correspondence, instruments, and other written materials in the
possession of Seller which are related to the construction, ownership,
operation, maintenance, condition or repair of the Property including, without
limitation, any and all leases, site plans, &#147;as-built&#148; plans, zoning
approvals, building permits, development agreements, inspection reports,
insurance claims, and all other documents, materials, reports, and
correspondence related to the Property, but only to the extent in Seller&#146;s
possession (collectively, the &#147;Property Related Documents&#148;) including,
without limitation, the following: </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>(a)&nbsp;&nbsp;&nbsp;An ALTA survey (if available), noting all
easements and exceptions;</FONT></P>

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<P><FONT SIZE=3>(b)&nbsp;&nbsp;&nbsp;
A current policy of title insurance or preliminary commitments for the Property,
together with copies of all documents related to easements and
exceptions;</FONT></P>

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<P><FONT SIZE=3>(c)&nbsp;&nbsp;&nbsp;
All leases and service/management agreements (including any proposed
agreements), relating to the Property and BOMA measurement of usable and
rentable area;</FONT></P>

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<P><FONT SIZE=3>(d)&nbsp;&nbsp;&nbsp;
The most recent twelve (12) months of tax and utility bills relating to the
Property;</FONT></P>

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<P><FONT SIZE=3>(e)&nbsp;&nbsp;&nbsp;
Year-to-date and three (3) years prior operating statements for the
Property;</FONT></P>

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<P><FONT SIZE=3>(f)&nbsp;&nbsp;&nbsp;
Copies of certificates of occupancy or other documents indicating compliance
with all applicable governmental requirements;</FONT></P>

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<P><FONT SIZE=3>(g)&nbsp;&nbsp;&nbsp;
Copies of the working drawings and as-built drawings related to all improvements
including HVAC study and costs;</FONT></P>

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<P><FONT SIZE=3>(h)&nbsp;&nbsp;&nbsp;
Any and all environmental, soils, arborist and topographical surveys/reports
relating to the Real Property; and</FONT></P>

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<P><FONT SIZE=3>(i)&nbsp;&nbsp;&nbsp;
Copies of any development agreement(s), reimbursement agreement(s) and any
information relating to bond improvement district(s) or utility districts(s)
present or planned.</FONT></P>

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<P><FONT SIZE=3>4.&nbsp;&nbsp;&nbsp;
<U>Conditions</U>. Buyer&#146;s obligation to purchase the Property is
conditioned upon the satisfaction of the conditions precedent set forth in
Sections 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7.1, 4.7.3, 4.8, 4.9 and 4.10 below.
Seller&#146;s obligation to sell the Property is conditioned upon the
satisfaction of the condition precedent set forth in Section 4.7.2 and 4.7.4
below.</FONT></P>

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<P><FONT SIZE=3>4.1&nbsp;&nbsp;&nbsp;<U>Inspection</U>. Buyer&#146;s obligation
to purchase the Property is conditioned upon Buyer&#146;s approval, in its sole
and absolute discretion, prior to 5:00 p.m. EST on the later of (a) December 1,
2005 or (b) the second (2nd) business day after the day that Seller notifies
Buyer in writing that Seller has delivered to Buyer all of the Property Related
Documents pursuant to Section 3.3 above (the period of time from the Effective
Date until 5:00 p.m. EST on the later of (a) or (b) above being referred to
herein as the &#147;Inspection Period&#148;): (a) the physical and environmental
condition of the Property including, without limitation, its structural
integrity and seismic compliance or non-compliance, the condition of the soil
at, beneath or about the Real Property, the condition of the groundwater at,
beneath or about the Real Property (including, without limitation, the presence
or absence of any Hazardous Substances (hereinbelow defined) at, beneath or
about the Real Property); (b) the feasibility, convertibility, desirability and
suitability of the Property for Buyer&#146;s intended use and purposes; (c) the
legal condition of the Property including, without limitation, the
Property&#146;s compliance or non-compliance with any applicable federal, state,
county or municipal statutes, ordinances, codes, regulations, rules, decrees,
orders, laws or other governmental or quasi-governmental requirements of any
type or kind now or hereafter in effect (collectively, &#147;Applicable
Law&#148;); (d) the Property Related Documents; (e) the existence or
non-existence, and availability or non-availability, of any governmental,
quasi-governmental or private approvals (including, without limitation, all
permits, licenses, or other entitlements, if any, affecting the Real Property or
any use thereof; (f) the dimensions and specifications of the Real Property; (g)
the zoning, building, and land use restrictions affecting the Real Property; and
(h) all other matters which might affect the value or desirability of the
Property or which Buyer deems relevant to its purchase of the Property, all as
determined in Buyer&#146;s sole and absolute discretion. </FONT></P>

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<P><FONT SIZE=3>If at any time during the Inspection Period Buyer decides that
any of the matters described in clauses (a) through (h) above are not acceptable
to Buyer for any reason whatsoever, then Buyer may terminate this Agreement upon
written notice to Seller delivered prior to expiration of the Inspection Period,
whereupon the Earnest Money shall be promptly returned to Buyer. If Buyer
exercises said termination right, then this Agreement shall terminate as of the
time of delivery of Buyer&#146;s written notice. If prior to the expiration of
the Inspection Period Buyer fails to deliver to Seller written notice of its
election to terminate this Agreement, then such failure shall be conclusively
deemed to constitute Buyer&#146;s election not to terminate this Agreement
pursuant to this Section 4.1 and the Earnest Money shall be deemed
non-refundable to Buyer except in the event of the failure of any condition to
Closing set forth in 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7.1, 4.7.3, 4.8, 4.9 or
4.10 below, or Buyer&#146;s termination of this Agreement based on Seller&#146;s
default. </FONT></P>

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<P><FONT SIZE=3>Buyer&#146;s approval of the matters described in clauses (a)
through (h) above shall not in any way negate or diminish any covenant,
representation or warranty made by Seller in this Agreement (or any agreement,
instrument or other document delivered to Buyer by Seller at the Closing
pursuant to this Agreement) or any other right or remedy of Buyer under this
Agreement. </FONT></P>

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<P><FONT SIZE=3>4.2&nbsp;&nbsp;&nbsp;<U>Additional Documents</U>. If prior to
the Closing Seller acquires actual knowledge of any engineering, seismic,
architectural, soils or environmental report, assessment or analysis
(collectively, the &#147;Additional Property Documents&#148;) which contains
information which a reasonable buyer of improved real property such as the Real
Property would consider material to its decision to purchase such real property
and which was not already included in the Property Related Documents, Seller
shall promptly furnish a copy thereof to Buyer if Seller has possession of such
document or shall promptly provide Buyer with a description and the whereabouts
(if known to Seller) of such document if Seller does not have possession of such
document. In such event, Buyer shall have a period of ten (10) business days
from its receipt of such an Additional Property Document to approve or
disapprove the same by written notice to Seller, and if Buyer delivers written
notice of its disapproval this Agreement shall thereupon terminate. If Buyer
fails to notify Seller of its approval or disapproval prior to the expiration of
said ten (10) business day period, then Buyer shall be deemed to have accepted
such documents and this condition precedent shall be deemed satisfied. If an
Additional Property Document is delivered to Buyer by Seller after a date which
is ten (10) business days prior to the day before the Closing Date, then the
Closing Date shall be extended to that date which is twelve (12) business days
after the date of Buyer&#146;s receipt of the Additional Property Document.
</FONT></P>

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<P><FONT SIZE=3>4.3&nbsp;&nbsp;&nbsp;<U>Title Matters</U>. Buyer has ordered a
preliminary title commitment for the Real Property having an effective date no
earlier than sixty (60) days before the Effective Date (the &#147;Preliminary
Commitment&#148;) and copies of all of title exceptions listed therein. Prior to
5:00 p.m. EST on the third (3rd) business day following the Effective Date,
Buyer shall notify Seller in writing of any exception(s) to title shown on
Schedule B to the Preliminary Commitment and/or any matter(s) set forth on
Schedule A to the Preliminary Commitment (&#147;Schedule A Matter(s)&#148;)
which Buyer disapproves. If by such time Buyer fails to notify Seller in writing
that Buyer disapproves any exception to title on Schedule B or any Schedule A
Matter(s), Buyer shall be deemed to have accepted the same and this condition
precedent shall be deemed satisfied. </FONT></P>

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<P><FONT SIZE=3>If Buyer notifies Seller of any disapproved exception(s) or
Schedule A Matters (collectively, &#147;Disapproved Matters&#148;), then Seller
shall have three (3) business days (after receipt of Buyer&#146;s written notice
of Disapproved Matters) in which to notify Buyer, in Seller&#146;s sole and
absolute discretion, either (a) that Seller will remove (or otherwise modify or
cure in a manner satisfactory to Buyer) the Disapproved Matters prior to the
Closing or (b) that Seller will not remove (or otherwise modify or cure) the
Disapproved Matters (and Seller&#146;s failure to do either (a) or (b) shall be
conclusively deemed to constitute Seller&#146;s election not to remove or
otherwise modify or cure any Disapproved Matters). If Seller elects not to
remove (or otherwise modify or cure in a manner satisfactory to Buyer) any
Disapproved Matters, whether by giving notice thereof or failing to give any
notice at all, then Buyer shall have until 5:00 p.m. EST on the fifth (5th)
business day after the day Seller received Buyer&#146;s written notice of
Disapproved Matters (the &#147;Final Title Response Date&#148;) to either (a)
terminate this Agreement by written notice to Seller or (b) accept title subject
to the Disapproved Matters. If Buyer gives Seller such written notice of
termination prior to 5:00 p.m. EST on the Final Title Response Date, then this
Agreement shall thereupon terminate without further action by all parties. If by
such time Buyer fails to give Seller written notice of Buyer&#146;s acceptance
of the Disapproved Matters or Buyer&#146;s election to terminate this Agreement,
such failure shall be conclusively deemed to constitute Buyer&#146;s election
not to terminate this Agreement pursuant to this Section 4.3. Any agreement of
the parties on exception(s) to title arrived at after written disapproval by
Buyer shall be set forth in writing expressly listing the permitted exception(s)
to title that appear on the Preliminary Commitment. The exception(s) to title
approved by Buyer as provided in this Section 4.3 are collectively referred to
herein as the &#147;Permitted Exceptions&#148;. </FONT></P>

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<P><FONT SIZE=3>4.4&nbsp;&nbsp;&nbsp;<U>Survey Matters</U>. Buyer has ordered an
ALTA/ACSM survey of the Real Property or an update of the ALTA/ACSM survey (if
any) of the Real Property provided to Buyer by Seller as part of the Property
Related Documents (in either case, the &#147;Survey&#148;) from a surveyor
acceptable to Buyer, the cost of which shall be paid by Buyer. Upon completion
of the Survey, Buyer will instruct the surveyor to promptly deliver a copy of
the Survey to Seller and to Escrow Holder so that Escrow Holder may issue and
deliver to Seller and Buyer as soon as practicable a supplemental preliminary
title commitment (the &#147;Supplemental ALTA Commitment&#148;) which includes
such additional exceptions as may be disclosed by the Survey (the &#147;Survey
Exceptions&#148;). Not later than 5:00 p.m. EST on the fourth (4th) business day
after Buyer&#146;s receipt of the Supplemental ALTA Commitment or the tenth
(10th) business day after the Effective Date, whichever occurs first, Buyer may
provide Seller with written notice of any Survey Exceptions which Buyer
disapproves. </FONT></P>

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<P><FONT SIZE=3>If Buyer gives Seller written notice of Buyer&#146;s disapproval
of any Survey Exceptions, Seller shall have until 5:00 p.m. EST on the second
(2<SUP>nd</SUP>) business day after Seller&#146;s receipt of Buyer&#146;s
written notice (of disapproval) to notify Buyer, in Seller&#146;s sole
discretion, (a) that Seller will remove such disapproved Survey Exceptions at
Seller&#146;s expense prior to the Closing or (b) that Seller will not remove
such disapproved Survey Exceptions (and Seller&#146;s failure to do either (a)
or (b) shall be conclusively deemed to constitute Seller&#146;s election not to
remove any Survey Exceptions disapproved by Buyer). If Seller elects not to
remove any disapproved Survey Exceptions, whether by giving notice thereof or
failing to give notice, then Buyer shall have until 5:00 p.m. EST on the fourth
(4th) business day after Seller&#146;s receipt of the aforesaid written notice
of disapproval from Buyer to either (a) terminate this Agreement by written
notice to Seller or (b) accept title subject to the disapproved Survey
Exceptions. If Buyer gives Seller such written notice of termination prior to
such time, then this Agreement shall thereupon terminate without further action
by the parties. If by such time Buyer fails to give Seller written notice of
Buyer&#146;s acceptance of the disapproved Survey Exceptions or Buyer&#146;
election to terminate this Agreement, such failure shall be conclusively deemed
to constitute Buyer&#146;s election not to terminate this Agreement pursuant to
this Section 4.3. Any Survey Exceptions approved by Buyer as provided in this
Section 4.4 shall also be deemed &#147;Permitted Exceptions&#148;. </FONT></P>

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<P><FONT SIZE=3>4.5&nbsp;&nbsp;&nbsp;<U>Removal of Monetary Liens and
Unpermitted Exceptions</U>. Notwithstanding anything to the contrary herein,
Seller shall discharge and remove, at its sole expense prior to or concurrently
with the Closing, (a) any mortgages, deeds of trust, or other monetary liens
against the Property or any part thereof, (b) any mechanic&#146;s or
materialman&#146;s liens against the Property or any part thereof unless the
same are the result of labor, materials or work performed on the Property by
Buyer, and (c) any lien, encumbrance or other title exception (not created by
Buyer) against the Property or any part thereof that arises or is discovered
after determination of the Permitted Exceptions and prior to the Closing.
Without limiting the foregoing, Seller shall pay prior to or concurrently with
the Closing any prepayment fee, penalty or other charges or fees associated with
the pay-off or extinguishment of any indebtedness secured by the Property or any
part thereof. Buyer&#146;s obligation to purchase the Property is conditioned
upon Seller&#146;s compliance with this Section 4.5. </FONT></P>

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<P><FONT SIZE=3>4.6&nbsp;&nbsp;&nbsp;<U>Buyer&#146;s Title Insurance</U>.
Buyer&#146;s obligation to purchase the Property is conditioned upon Escrow
Holder&#146;s issuance to Buyer at the Closing of an American Land Title
Association extended coverage owner&#146;s policy of title insurance (10/17/92
form) naming Buyer as insured, in the amount of the Purchase Price, with an
effective date no earlier than the date of filing of the Deed, insuring that
Buyer owns fee simple title to the Property subject only to the Permitted
Exceptions, and containing no survey exceptions other than those approved by
Buyer pursuant to Section 4.4 of this Agreement (&#147;Buyer&#146;s Title
Policy&#148;). Buyer&#146;s Title Policy may also include such endorsements as
may be desired by Buyer but the availability or issuance of such endorsements
shall not be a condition to Buyer&#146;s obligation to purchase the Property.
</FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3>4.7&nbsp;&nbsp;&nbsp;<U>Warranties True at Closing</U>.</FONT></P>

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<P><FONT SIZE=3>4.7.1&nbsp;&nbsp;&nbsp;As a condition to Buyer&#146;s obligation
to purchase the Property, each and all of the representations and warranties
made by Seller in Section 10.2 below, shall be true in all material respects as
of the Closing. </FONT></P>

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<P><FONT SIZE=3>4.7.2&nbsp;&nbsp;&nbsp;As a condition to Seller&#146;s
obligation to sell the Property, each and all of the representations and
warranties made by Buyer in Section 10.1 below, shall be true and correct in all
material respects as of the Closing. </FONT></P>

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<P><FONT SIZE=3>4.7.3&nbsp;&nbsp;&nbsp;As a condition to Buyer&#146;s obligation
to purchase the Property, Seller shall have performed all covenants (including,
without limitation, putting the Property in the Closing Condition) on the part
of Seller to be performed under this Agreement as of the Closing. </FONT></P>

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<P><FONT SIZE=3>4.7.4&nbsp;&nbsp;&nbsp;As a condition to Seller&#146;s
obligation to sell the Property, Buyer shall have performed all covenants on the
part of Buyer to be performed under this Agreement as of the Closing.
</FONT></P>

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<P><FONT SIZE=3>4.8&nbsp;&nbsp;&nbsp;<U>Termination of Agreements</U>. As a
condition to Buyer&#146;s obligation to purchase the Property, (a) prior to the
Closing Seller shall have terminated or assigned to Buyer (with Buyer&#146;s
prior written consent) all maintenance, management, security and other service
contracts, if any, with respect to the Property, (b) prior to the Closing Seller
shall have terminated any leases affecting the Property (including, without
limitation, Seller&#146;s lease with its affiliate, Global Equipment Company),
and (c) Seller shall have no employees at the Real Property. </FONT></P>

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<P><FONT SIZE=3>4.9&nbsp;&nbsp;&nbsp;<U>No Suits</U>. As a condition to
Buyer&#146;s obligation to purchase the Property, no judicial or administrative
suit, action, investigation, inquiry or other proceeding by any person shall
have been instituted and remain pending that challenges the validity or legality
of any of the transactions contemplated by this Agreement or which, if adversely
determined, would materially adversely affect the value or use of the Property
by Seller. </FONT></P>

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<P><FONT SIZE=3>4.10&nbsp;&nbsp;&nbsp;<U>No Adverse Change</U>. Subject to
Section 11 below, as a condition to Buyer&#146;s obligation to purchase the
Property, no material adverse change shall have occurred in the physical
condition of the Property from that existing as of the Effective Date.
</FONT></P>

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<P><FONT SIZE=3>Notwithstanding anything to the contrary in this Agreement, the
conditions precedent in Sections 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7.1, 4.7.3,
4.8, 4.9 and 4.10 above are solely for the benefit of Buyer, and the condition
precedent in Section 4.7.2 and 4.7.4 are solely for the benefit of Seller. No
waiver of any such conditions precedent shall be effective unless expressly set
forth in writing by the party receiving the benefit of the condition. If any of
the conditions precedent in Sections 4.6, 4.7.1, 4.7.3, 4.8, 4.9 or 4.10 is not
satisfied in accordance with its terms, Buyer may terminate this Agreement upon
five (5) business days&#146; prior written notice to Seller, in which event this
Agreement shall terminate in accordance with Section 11.14 below, unless during
such five (5) business day period Seller shall cause such condition(s) to be
satisfied at Seller&#146;s sole expense. If either of the conditions precedent
in Sections 4.7.2 and 4.7.4 above is not satisfied in accordance with its terms,
Seller may terminate this Agreement upon five (5) business days&#146; prior
written notice to Buyer, in which event this Agreement shall terminate in
accordance with Section 11.14 below, unless during such five (5) business day
period Buyer shall cause such condition(s) to be satisfied at Buyer&#146;s sole
expense. If Buyer or Seller delivers a termination notice as provided in either
of the preceding two (2) sentences, as applicable, then the Closing Date shall
be extended by up to five (5) business days. </FONT></P>

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<P><FONT SIZE=3>5.&nbsp;&nbsp;&nbsp;
<U>Access</U>. From the Effective Date through and until the first to occur of
(a) the Closing or (b) the sooner termination of this Agreement in accordance
with its terms (such period being referred to herein as the &#147;Pre-Closing
Period&#148;), Buyer and Buyer&#146;s agents, employees, contractors, engineers,
consultants, subcontractors and other representatives (collectively &#147;Buyer
Parties&#148;) shall be permitted to enter upon the Real Property during normal
business hours upon reasonable prior written notice to perform such inspections,
examinations, tests and design work as Buyer desires to determine the
suitability of the Property for Buyer&#146;s purposes including the suitability
of the physical and legal condition of the Property. Seller shall have a right
to have a representative of Seller present during any entry onto the Property by
the Buyer Parties, or any of them. Buyer shall indemnify, defend and hold Seller
free and harmless from and against any and all claims, proceedings, costs,
expenses (including, without limitation, reasonable attorneys&#146; fees and
costs), and damages suffered or incurred by Seller as a result of any injury to
persons or damage to property or lien upon property caused by the activities of
Buyer or any Buyer Parties while on the Real Property during the Pre-Closing
Period; provided, however, under no circumstances shall the foregoing be deemed
to impose on Buyer or any Buyer Parties any liability or obligation for or based
upon the discovery of any Hazardous Substances (that were not first brought onto
the Property by Buyer or any Buyer Party ) or other defects in the Property
(that were not first caused by Buyer or a Buyer Party). Buyer&#146;s inspections
shall be at Buyer&#146;s sole expense and Buyer shall promptly cause the repair
of any damage to the Property that may be caused by Buyer or any Buyer Parties
while on the Property pursuant to this Section 5.</FONT></P>

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<P><FONT SIZE=3>6.&nbsp;&nbsp;&nbsp;
<U>Deliveries to Escrow Holder</U>.</FONT></P>

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<P><FONT SIZE=3>6.1&nbsp;&nbsp;&nbsp;<U>By Seller</U>. Seller shall deliver or
cause to be delivered to Escrow Holder on or before the Closing Date, the
following instruments and documents: (a) the original Deed, duly executed by
Seller, acknowledged, and in recordable form; (b) a FIRPTA certificate in the
Escrow Holder&#146;s standard form; (c) an original Bill of Sale in the form
attached hereto as <U>Exhibit &#147;B&#148;</U> (&#147;Bill of Sale&#148;), duly
executed by Seller; (d) two counterpart originals of an Assignment Agreement in
the form attached hereto as <U>Exhibit &#147;C&#148;</U> (&#147;Assignment
Agreement&#148;), duly executed by Seller; (e) a certificate of Seller stating
that the charges for all labor and materials contracted for by Seller and
furnished to the Real Property have been paid in full and that all
representations and warranties made by Seller in this Agreement remain true and
correct as of the Closing; (f) all items described in Section 11.1 below; (g)
such affidavits and certificates pertaining to ownership, leasing and liens as
Escrow Holder may reasonably require of Seller in order for Escrow Holder to
issue Buyer&#146;s Title Policy; (h) waiver and release by the Agent pursuant to
O.C.G.A. Section 44-14-602; (i) a certificate establishing Georgia residency
such that the proceeds of the sale of property are not subject to the
withholding laws of the State of Georgia pursuant to O.C.G.A. Section 48-7-128;
and (j) such other customary documents reasonably requested by Escrow Holder as
may be necessary to consummate this transaction in accordance with this
Agreement. </FONT></P>

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<P><FONT SIZE=3>6.2&nbsp;&nbsp;&nbsp;<U>By Buyer</U>. Buyer shall deliver or
cause to be delivered to Escrow Holder on or before the Closing Date, the
following funds, instruments and documents: (a) immediately available U.S. funds
in the amount set forth in Section 2.2, above; (b) the cash amount due Seller,
if any, after the costs and prorations are computed in accordance with Sections
7 and 8 below; (c) two counterpart originals of the Assignment Agreement, duly
executed by Buyer; (d) a certificate of Buyer stating that the charges for all
labor and materials contracted for by Buyer and furnished to the Real Property
have been paid in full and that all representations and warranties made by Buyer
in this Agreement remain true and correct as of the Closing; and (e) such other
customary documents reasonably requested by Escrow Holder as may be necessary to
consummate this transaction in accordance with this Agreement. </FONT></P>

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<P><FONT SIZE=3>7.&nbsp;&nbsp;&nbsp;
<U>Costs and Expenses of Closing</U>. At the Closing, Seller shall pay or have
paid (a) all transfer taxes imposed by the City of Suwanee, County of Gwinnett,
and/or State of Georgia, and (b) all recording costs for the Deed. At the
Closing, Buyer shall pay or have paid (a) all Escrow fees charged by the Escrow
Holder, (b) the premium charged by Escrow Holder for Buyer&#146;s Title Policy
as well as its charge for performing the title examination, and (c) the cost of
the Survey. All other closing costs shall be allocated between Buyer and Seller
in accordance with custom and practice in Gwinnett County. Each party shall bear
the cost of its own legal counsel and other professional advisors including, in
Buyer&#146;s case, the charges of any person with whom Buyer contracted to
assist Buyer in the performance of Buyer&#146;s due diligence.</FONT></P>

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<P><FONT SIZE=3>8.&nbsp;&nbsp;&nbsp;
<U>Prorations and Credits</U>. All current taxes, assessments, utilities,
maintenance charges and similar expenses of the Property (other than management
fees, which shall be Seller&#146;s sole responsibility) shall, to the extent of
information then available, be prorated between Seller and Buyer as of 11:59
p.m. EST on day before the day of Closing. Seller and Buyer shall use their best
efforts prior to the Closing to prepare a schedule of prorations covering as
many items to be prorated as practicable so such prorations can be made on or
before the day of Closing. Such prorations shall be adjusted, if necessary, and
completed after the Closing as soon as final information becomes available.
Seller shall endeavor to obtain meter readings on the day before the day of
Closing, and if such readings are obtained, there shall be no proration of such
items and Seller shall pay at the Closing the bills therefor for the period to
the day preceding the day of Closing, and Buyer shall pay the bills therefor for
the period subsequent thereto. If the utility company will not issue separate
bills, Buyer will receive a credit against the Purchase Price for Seller&#146;s
portion and will pay the entire bill prior to delinquency after the Closing.
Seller shall not receive credit for any deposits that Seller may have previously
made with any utility companies.</FONT></P>

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<P><FONT SIZE=3>Except as provided herein, monthly expense items shall be
prorated on the basis of a thirty (30) day month. Such expenses of the Property
for the period prior to the day of Closing shall be for the account of Seller
and such expenses for the period on and after the date the Closing occurs shall
be for the account of Buyer. Seller shall pay all taxes, assessments, invoices
for goods furnished or services supplied, and other expenses relating to the
Property to the extent allocable to the period prior to the day of Closing.
Without limitation of the foregoing, any refund for real estate taxes or
assessments applicable to the period from and after the day of Closing, whether
paid before or after the Closing, shall be paid to Buyer, and Seller shall have
no claim or right thereto. </FONT></P>

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<P><FONT SIZE=3>9.&nbsp;&nbsp;&nbsp;
<U>Title</U>.</FONT></P>

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<P><FONT SIZE=3>9.1&nbsp;&nbsp;&nbsp;<U>Real Property</U>. At the Closing,
Seller shall convey fee simple title to the Real Property to Buyer by a duly
executed and acknowledged limited warranty deed in the form of <U>Exhibit
&#147;D&#148;</U> hereto (the &#147;Deed&#148;), free and clear of all liens,
encumbrances, easements, rights, leases, restrictions, covenants and conditions
of any kind or nature, except the Permitted Exceptions. </FONT></P>

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<P><FONT SIZE=3>9.2&nbsp;&nbsp;&nbsp;<U>Personal Property</U>. At the Closing,
Seller shall transfer good title to such personal property (other than the
Removable Property) owned by Seller that is used exclusively in connection
<B>[Note: Is there personal property used by Seller in connection with the Real
Property on a non-exclusive basis? If so, I think it should also be conveyed to
the extent of the Seller&#146;s right to do so. Let&#146;s discuss.]</B>
with or located on or in the Real Property (collectively, the &#147;Personal
Property&#148;) by a duly executed Bill of Sale in the form of <U>Exhibit
&#147;B&#148;</U> hereto (the &#147;Bill of Sale&#148;), to Seller&#146;s best
knowledge, free and clear of all liens, encumbrances, security interests and
adverse claims. </FONT></P>

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<P><FONT SIZE=3>9.3&nbsp;&nbsp;&nbsp;<U>Assigned Property</U>. At the Closing,
Seller shall assign good title to Seller&#146;s interest in the Assigned
Property to Buyer, by a duly executed Assignment Agreement in the form of
<U>Exhibit &#147;C&#148;</U> hereto (the &#147;Assignment Agreement&#148;), to
Seller&#146;s best knowledge free and clear of all liens, encumbrances, security
interests and adverse claims. </FONT></P>

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<P><FONT SIZE=3>10.&nbsp;&nbsp;&nbsp;
<U>Representations and Warranties</U>.</FONT></P>

<P><FONT SIZE=3>10.1&nbsp;&nbsp;&nbsp;<U>Buyer</U>. Buyer hereby represents and
warrants to Seller as follows:</FONT></P>

<P><FONT SIZE=3>10.1.1&nbsp;&nbsp;&nbsp;<U>Organization</U>. Buyer is duly organized, validly
existing and in good standing under the laws of the State of Delaware.</FONT></P>

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<P><FONT SIZE=3>10.1.2&nbsp;&nbsp;&nbsp;Requisite Action. All requisite
corporate action has been taken by Buyer in connection with Buyer&#146;s
execution of this Agreement, and has been taken or will be taken prior to
Closing in connection with the agreements, instruments or other documents to be
executed by Buyer pursuant to this Agreement and the consummation of the
transactions contemplated hereby and thereby. No consent (not already obtained)
of any stockholder of Seller is required to enter into this Agreement and to
consummate the transactions contemplated hereby. </FONT></P>

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<P><FONT SIZE=3>10.1.3&nbsp;&nbsp;&nbsp;Authority. The individuals executing
this Agreement and the agreements, instruments or other documents to be executed
by Buyer pursuant to this Agreement on behalf of Buyer each have been duly
authorized to bind Buyer to the terms and conditions hereof and thereof.
</FONT></P>

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<P><FONT SIZE=3>;Buyer&#146;s representations and warranties in this Section
10.1 shall be true and correct as of the Effective Date and shall be deemed true
and correct as of the Closing as if remade by separate certification at that
time. </FONT></P>

<P><FONT SIZE=3>10.2&nbsp;&nbsp;&nbsp;<U>Seller</U>. Seller hereby represents
and warrants to Buyer as follows:</FONT></P>

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<P><FONT SIZE=3>10.2.1&nbsp;&nbsp;&nbsp;Organization. Seller is duly organized
and validly existing under the laws of the State of Delaware, and is qualified
to do business and is in good standing in the State of Georgia. </FONT></P>

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<P><FONT SIZE=3>10.2.2&nbsp;&nbsp;&nbsp;Requisite Action; No Violation. All
requisite limited liability company action has been taken by Seller in
connection with Seller&#146;s execution of this Agreement, and has been taken or
will be taken in connection with the agreements, instruments or other documents
to be executed by Seller pursuant to this Agreement and the consummation of the
transactions contemplated hereby and thereby. No consent (not already obtained)
of any member or manager of Seller is required to enter into this Agreement and
to consummate the transactions contemplated hereby. The execution and delivery
of this Agreement by Seller will not accelerate any indebtedness of Seller
secured by the Real Property or any part thereof or violate the terms of any
agreement, contract or instrument to which Seller is a party or by which the
Property is bound. </FONT></P>

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<P><FONT SIZE=3>10.2.3&nbsp;&nbsp;&nbsp;Authority. The individuals executing
this Agreement and the agreements, instruments or other documents to be executed
by Seller pursuant to this Agreement on behalf of Seller each have been duly
authorized to bind Seller to the terms and conditions hereof and thereof.
</FONT></P>

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<P><FONT SIZE=3>10.2.4&nbsp;&nbsp;&nbsp;Condition; Compliance. Seller has not
received any written notice from any insurance broker, agent or underwriter that
any non-insurable condition exists on or about the Real Property or any part
thereof. Seller has not received written notice that the Licenses and Permits
(if any) listed in Schedule &#147;1&#148; to the Assignment Agreement have not
been duly and validly issued or are not in full force and effect. To
Seller&#146;s actual knowledge, except as otherwise set forth on Schedule
10.2.4, Seller has the right to assign and transfer the Licenses and Permits (if
any) listed in Schedule &#147;1&#148; to the Assignment Agreement to Buyer.
Seller has not received from any governmental authority, holder of any mortgage
or board of fire underwriters (or other body performing similar functions) or
any other person, any written notice (i) requiring any work, repairs,
construction, alterations or installations on or in connection with the Property
in order to comply with any Applicable Law or (ii) asserting, alleging or
reporting any violation of any Applicable Law or covenant, condition or
restriction applicable to the Real Property or any part thereof. Except for the
items (if any) listed on Schedule 10.2.4 hereto and the Removeable Property, to
Seller&#146;s actual knowledge, all personal property used in connection with
the Real Property will be conveyed to Buyer at the Closing pursuant to the Bill
of Sale and Assignment Agreement. </FONT></P>

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<P><FONT SIZE=3>10.2.5&nbsp;&nbsp;&nbsp;Hazardous Substances. Except as
otherwise set forth on Schedule 10.2.5 hereto, (1) Seller has no actual
knowledge that Seller or any of its employees, agents or contractors has
released or discharged any Hazardous Substances on, in or under the Real
Property; (2) to Seller&#146;s actual knowledge, except as may be disclosed in
any Property Related Documents delivered to Buyer, no Hazardous Substances are
present in, on or under the Real Property or any part thereof or are present in,
on or under any adjoining or nearby real property which could migrate to the
Real Property or any part thereof, and (3) to Seller&#146;s actual knowledge
there are no septic tanks or below ground gasoline or chemical storage tanks on
or under the Real Property or any part thereof. </FONT></P>

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<P><FONT SIZE=3>10.2.6&nbsp;&nbsp;&nbsp;Intangible Personal Property. To
Seller&#146;s actual knowledge, there is no intangible personal property owned
by Seller relating to the ownership, development, construction, management, use,
operation, maintenance or repair of the Real Property except for such intangible
personal property as may be described in Schedule &#147;1&#148; to the
Assignment Agreement, and Seller has good title to the same free and clear of
all liens, encumbrances, security interests and adverse claims. To Seller&#146;s
actual knowledge, except as otherwise set forth on Schedule 10.2.6, Seller has
the right to assign and transfer all of the Assigned Property to Buyer.
</FONT></P>

<P><FONT SIZE=3>10.2.7&nbsp;&nbsp;&nbsp;Litigation and Other Proceedings. Except
as otherwise set forth on Schedule 10.2.7 hereto, there is no litigation,
arbitration or other legal or administrative suit, action, proceeding or
investigation of any kind pending, or to Seller&#146;s actual knowledge
threatened, against or involving Seller relating to the Property or any part
thereof. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3>10.2.8&nbsp;&nbsp;&nbsp;[Intentionally Omitted].</FONT></P>

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<P><FONT SIZE=3>10.2.9&nbsp;&nbsp;&nbsp;Service Agreements. To Seller&#146;s
actual knowledge, without investigation, except as otherwise set forth on
Schedule 10.2.9 hereto, there are no service, maintenance, or security
agreements for the Property or any part thereof currently in effect which are
not cancelable without penalty on thirty (30) days notice or less. </FONT></P>

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<P><FONT SIZE=3>10.2.10&nbsp;&nbsp;&nbsp;Eminent Domain; Zoning Change. Seller
has not received written notice from any governmental authority that any
governmental action to take all or a portion of the Real Property or any
interest therein by eminent domain is pending or threatened. Seller has not
received written notice that any governmental proceeding to modify the current
zoning laws applicable to the Real Property is pending or threatened.
</FONT></P>

<P><FONT SIZE=3>10.2.11&nbsp;&nbsp;&nbsp;Employment. Upon the Closing, Seller
shall have no employees in, on or about the Real Property.</FONT></P>

<P><FONT SIZE=3>10.2.12&nbsp;&nbsp;&nbsp;Bankruptcy. Seller has not made an
assignment for the benefit of creditors nor has Seller filed or had filed
against it any petition in bankruptcy.</FONT></P>

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<P><FONT SIZE=3>10.2.13&nbsp;&nbsp;&nbsp;Occupancy Rights. There are no leases
or other occupancy or use agreements affecting the Property or any part thereof
which will remain in effect from and after the Closing Date (the parties
acknowledging that the Property is presently leased to Seller&#146;s affiliate,
Global Equipment Company, which lease Seller shall cause to terminate at
Seller&#146;s sole expense at or prior to the Closing). To Seller&#146;s best
knowledge, there are no parties currently entitled to possession or use of all
or any part of the Property other than Seller and Seller&#146;s affiliate,
Global Equipment Company. As of the Closing, there shall be no person or entity
occupying or using all or any portion of the Property. </FONT></P>

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<P><FONT SIZE=3>10.2.15&nbsp;&nbsp;&nbsp;Title. Seller owns, and at the time of
the Closing Seller will continue to own, fee simple title to the Real Property.
</FONT></P>

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<P><FONT SIZE=3>10.2.16&nbsp;&nbsp;&nbsp;Uncompleted Work/Agreement. There are
no outstanding contracts made and entered into by Seller for any improvements to
the Property or any part thereof or for other work with respect to the Property
or any part thereof for which payment has not been fully made or will be made
prior to the Closing. </FONT></P>

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<P><FONT SIZE=3>10.2.17&nbsp;&nbsp;&nbsp;Foreign Person. Seller is not a foreign
person within the meaning of Section 1445 of the Internal Revenue Code.
</FONT></P>

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<P><FONT SIZE=3>10.2.18&nbsp;&nbsp;&nbsp;Private Covenants. To Seller&#146;s
actual knowledge, Seller is not in default in the payment of any assessments or
other sums due, or the performance of any other obligation under, any covenants,
conditions or restrictions recorded against the Real Property. </FONT></P>

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<P><FONT SIZE=3>Seller&#146;s representations and warranties in this Section
10.2 shall be true and correct as of the Effective Date, shall be deemed true
and correct as of the Closing as if remade by separate certification at that
time, and shall survive the Closing and delivery and recordation of the Deed and
shall not be merged into the Deed for a period of one hundred eighty (180) days
following the Closing (except that the representations and warranties in Section
10.2.1 through 10.2.3 shall survive in perpetuity). No claim for a breach of any
representation or warranty of Seller shall be actionable or payable (a) if the
breach in question results from or is based on a condition, state of facts or
other matter which was known to Buyer prior to the Closing, or should have been
known by Buyer though the exercise of reasonable diligence in Buyer&#146;s
investigations of the Property prior to the end of the Inspection Period, but in
either case only if the applicable representation or warranty was true and
correct when made by Seller on the Effective Date, and (b) unless written notice
containing a description of the specific nature of such breach shall have been
given by Buyer to Seller prior to the expiration of said 180-day period and an
action shall have been commenced by Buyer against Seller within ninety (90) days
after the termination of the survival period provided for above in this Section
10.2 (except that that the foregoing time limitations shall not apply to any
claim or action for breach of any of the representations and warranties in
Section 10.2.1 through 10.2.3 above). If following the Effective Date and prior
to the Closing Seller acquires actual knowledge of any fact, circumstance or
other matter that makes any of Seller&#146;s representations and warranties in
this Section 10.2 no longer true and correct, Seller shall give Buyer written
notice thereof, which notice shall describe such fact, circumstance or other
matter in reasonable detail. Without limitation of any other termination rights
granted to Buyer under the terms of this Agreement, in the event that Seller is
unable to confirm that any of Seller&#146;s representations and warranties in
this Section 10.2 is true and correct as of the Closing as a result of any
matter not reasonably discoverable by Buyer during the Inspection Period (and so
notifies Buyer in writing prior to the Closing) and, as a result, there is (a) a
material adverse change in Buyer&#146;s ability to acquire, use and/or operate
the Property for Buyer&#146;s intended purposes and/or (b) a material adverse
change in the environmental condition of the Property from that which was
represented to Buyer by Seller on the Effective Date, Buyer, as its sole remedy,
shall have the option to either (i) terminate this Agreement by written notice
to Seller, in which event this Agreement shall terminate in accordance with
Section 11.14 below, or (ii) waive the requirement that such Seller
representation or warranty be true and correct as of the Closing and proceed to
the Closing. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3>11.&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</FONT></P>

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<P><FONT SIZE=3>11.1&nbsp;&nbsp;&nbsp;<U>Possession; Property Related
Materials</U>. Seller shall deliver exclusive possession of the Property to
Buyer on the Closing Date. If not previously delivered to Buyer, Seller shall,
at the Closing, deliver originals or copies of all Property Related Documents,
all files, correspondence, maintenance records and operating manuals relating to
the Property, and all keys, key cards, fobs, passwords, and access codes
relating to the Property. All of the foregoing shall become the property of
Buyer on the Closing Date. </FONT></P>

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<P><FONT SIZE=3>11.2&nbsp;&nbsp;&nbsp;<U>Hazardous Substances</U>. As used
herein, &#147;Hazardous Substances&#148; shall mean shall mean any substance
which is or contains (i) any &#147;hazardous substance&#148; as now defined in
&sect;101(14) of the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended (42 U.S.C. &sect;9601 et seq.)
(&#147;CERCLA&#148;) or any regulations promulgated under CERCLA; (ii) any
&#147;hazardous waste&#148; as now defined in the Resource Conservation and
Recovery Act (42 U.S.C. &sect;6901 et seq.) (&#147;RCRA&#148;) or regulations
promulgated under RCRA; (iii) any substance regulated by the Toxic Substances
Control Act (15 U.S.C. &sect;2601 et seq.); (iv) gasoline, diesel fuel, or other
petroleum hydrocarbons; (v) asbestos and asbestos containing materials, in any
form, whether friable or non friable; (vi) polychlorinated biphenyls; (vii)
radon gas; and (viii) any additional substances or materials which are now
classified or considered to be hazardous or toxic under Applicable Law or the
common law. Hazardous Substances shall include, without limitation, any
substance, the presence of which on the Property, (A) requires reporting,
investigation or remediation under Applicable Law; (B) causes or threatens to
cause a nuisance on the Property or adjacent property or poses or threatens to
pose a hazard to the health or safety of persons on the Property or adjacent
property; or (C) which, if it emanated or migrated from the Property, could
constitute a trespass. </FONT></P>

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<P><FONT SIZE=3>11.3&nbsp;&nbsp;&nbsp;<U>Exhibits</U>. All exhibits attached
hereto shall be deemed incorporated by this reference as though set forth in
full. </FONT></P>

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<P><FONT SIZE=3>11.4&nbsp;&nbsp;&nbsp;<U>Notices</U>. Any notice, demand or
request required hereunder shall be given in writing at the addresses set forth
below by any of the following means: (a) personal service; (b) telephonic
facsimile transmission (provided the sending fax machine generates a
confirmation sheet indicating successful transmission); (c) nationally
recognized overnight commercial mail service such as FedEx or UPS; or (d)
registered or certified, first class U.S. mail, return receipt requested.
</FONT></P>

<P><FONT SIZE=3>Buyer:<BR>
<BR>
Hewlett-Packard Company<BR>
20 Perimeter Summit Boulevard<BR>
Mail Stop 1407<BR>
Atlanta, GA 30319<BR>
Attn: Robert E. Brackin<BR>
Facsimile: 404-648-8900<BR>
<BR>
Copy to:<BR>
<BR>
Hewlett-Packard Company<BR>
3000 Hanover Street<BR>
Mail Stop 1050<BR>
Palo Alto, CA 94304<BR>
Attn: Frank Pedraza, Esq.<BR>
Facsimile: 650-857-8474<BR>
<BR>
Seller:<BR>
<BR>
Systemax Suwanee LLC<BR>
c/o Systemax, Inc.<BR>
11 Harbor Park Drive<BR>
Port Washington, NY  11050<BR>
Attn:  Curt Rush, Esq.<BR>
Fax:  516-625-0038<BR>
<BR>
Copy to:<BR>
<BR>
Balch &amp; Bingham LLP<BR>
3535 Piedmont Road, N.E.<BR>
Suite 1100<BR>
Atlanta, GA  30305<BR>
Attn:  Robert E. Stanley, Esq.<BR>
Fax:  404-261-3656</FONT></P>

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<P><FONT SIZE=3>Such addresses may be changed by notice to the other parties
given in the same manner as above provided. Any notice, demand or request sent
pursuant to either clause (a) or (b) above, shall be deemed received upon such
personal service or upon dispatch by electronic means (provided, however, that a
dispatch by facsimile transmission which occurs on any day other than a business
day shall not be deemed received until 9:00 a.m. EST on the next business day).
Any notice, demand, or request sent pursuant to clause (c) above shall be deemed
received on the business day immediately following deposit with the commercial
mail service and, if sent pursuant to clause (d) above shall be deemed received
seventy two (72) hours following deposit in the U.S. mail. </FONT></P>

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<P><FONT SIZE=3>11.5&nbsp;&nbsp;&nbsp;<U>Successors and Assigns; Assignment</U>.
This Agreement shall be binding upon and inure to the benefit of Seller and
Buyer and their respective estates, heirs, personal representatives, devisees,
legatees, successors and permitted assigns. Buyer shall not assign Buyer&#146;s
rights under this Agreement except to: (1) a subsidiary or affiliate of Buyer;
(2) any entity which is the result of a merger of Buyer, or into which Buyer is
merged; or (3) an entity formed expressly for the purchase of the Property which
has as one of its general partners or members or managers, Buyer or an affiliate
or subsidiary of Buyer, without the prior written consent of Seller, which
consent will not be unreasonably withheld or delayed. In the event of an
assignment as described foregoing, Buyer shall remain liable hereunder for any
default of the assignee and such assignee shall also assume all of the
obligations under this Agreement. No assignment of Buyer&#146;s rights hereunder
shall relieve Buyer of its liabilities under this Agreement. This Agreement is
solely for the benefit of Seller and Buyer; there are no third party
beneficiaries hereof. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3>11.6&nbsp;&nbsp;&nbsp;<U>Damage and Destruction;
Condemnation</U>.</FONT></P>

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<P><FONT SIZE=3>11.6.1&nbsp;&nbsp;&nbsp;Damage and Destruction. If before the
Closing the Improvements are damaged by any casualty and the cost to restore
such Improvements is more than ONE MILLION DOLLARS ($1,000,000.00), then,
whether or not covered by Seller&#146;s property insurance, Buyer shall have the
right, by giving written notice to Seller within ten (10) business days after
Seller gives Buyer written notice of the occurrence of such casualty, to
terminate this Agreement, in which event this Agreement shall terminate in
accordance with Section 11.14 below. If Buyer has the right to terminate this
Agreement pursuant to the preceding sentence but Buyer does not exercise such
right, then this Agreement shall remain in full force and effect without
adjustment to the Purchase Price and, at the Closing, (a) all insurance proceeds
actually received by Seller (or paid to or for the benefit of Seller) in
connection with such casualty (except to the extent previously expended by
Seller for repairs or restoration of the Improvements actually completed prior
to the Closing) plus the amount of any deductible under Seller&#146;s property
insurance<U> </U>policy shall be paid to Buyer by Seller through Escrow, and (b)
Seller shall unconditionally assign and transfer to Buyer of Seller&#146;s
right, title and interest in and to any additional insurance proceeds otherwise
payable to Seller with respect to the damaged or destroyed Improvements.
</FONT></P>

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<P><FONT SIZE=3>If before the Closing the Improvements are damaged by any
casualty and the cost to restore such Improvements is ONE MILLION DOLLARS
($1,000,000.00) or less and such cost is not fully covered by Seller&#146;s
property insurance (subject to any applicable deductible), then Buyer shall have
the right, by giving written notice to Seller within ten (10) business days
after Seller gives written notice of the occurrence of such casualty to Buyer,
to terminate this Agreement, in which event this Agreement shall terminate in
accordance with Section 11.14 below, unless (a) Seller, at its expense, fully
repairs and restores the damaged Improvements prior to the Closing, or (b)
Seller notifies Buyer in writing within said ten (10) day business period that
Buyer will receive a credit at the Closing against the Purchase Price in the
amount of the cost to fully repair and restore the damaged Improvements as
reasonably determined by Seller and Buyer. In the event of either (a) or (b),
above, except as provided in (b), there shall be no adjustment to the Purchase
Price. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>If before the Closing the Improvements are damaged by any
casualty and the cost to restore such Improvements is ONE MILLION DOLLARS
($1,000,000.00) or less, and such damage is fully covered by Seller&#146;s
property insurance (subject to any applicable deductible), then this Agreement
shall remain in full force and effect without adjustment to the Purchase Price,
subject, however, to the following: (a) as to any insurance proceeds for such
casualty that have not actually and unconditionally been paid over to Seller
prior to the Closing, at the Closing Seller shall assign to Buyer all of
Seller&#146;s right, title and interest in and to such proceeds; and (b) as to
any insurance proceeds for such casualty that have been actually and
unconditionally paid over to Seller (or paid to or for the benefit of Seller)
prior to the Closing, the amount of such proceeds shall be a credit to Buyer
against the Purchase Price for the Property, and (c) the amount of any
deductible under Seller&#146;s property insurance policy shall be a credit to
Buyer against the Purchase Price for the Property. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Seller shall give notice to Buyer promptly after the occurrence
of any casualty damage to the Improvements. Buyer shall have a period of ten
(10) business days (or such shorter period as Buyer may elect by giving notice
to Seller) after Seller has given the notice to Buyer required by this Section
11.6.1 to evaluate the extent of the damage and make the determination as to
whether to terminate this Agreement. If necessary, the Closing shall be
postponed until Seller has given the notice to Buyer required by this Section
11.6.1 and the period of ten (10) business days described in this Section 11.6.1
has expired. With respect to any termination right in favor of Buyer in this
Section 11.6.1, unless Buyer expressly elects in writing to terminate this
Agreement pursuant to such right, Buyer&#146;s failure to notify Seller of its
election to terminate shall be conclusively deemed a waiver of Buyer&#146;s
election to terminate this Agreement pursuant to this Section. </FONT></P>

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<P><FONT SIZE=3>Seller assumes all risks and liability for damage to or injury
occurring to the Property by fire, storm, accident, or any other casualty or
cause until the Closing has been consummated. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>11.6.2&nbsp;&nbsp;&nbsp;Condemnation. If prior to the Closing
proceedings are commenced against a &#147;material portion&#148; of the Real
Property for the taking by exercise of the power of eminent domain
(&#147;Taking&#148;), Buyer shall have the right, by giving notice to Seller
within ten (10) business days after Seller gives written notice of the
commencement of such proceeding to Buyer to terminate this Agreement pursuant to
this Section 11.6.2, in which event this Agreement shall terminate in accordance
with Section 11.14 below. For purposes hereof, a &#147;material portion&#148; of
the Real Property shall mean any of the access points from the Real Property to
a public street, any portion of the roadways or parking areas located on the
Real Property, and/or any portion of the Improvements. If Buyer has the right to
terminate this Agreement pursuant to the preceding sentence but Buyer does not
exercise such right, then this Agreement shall remain unchanged and in full
force and effect and, at the Closing, the condemnation award (or, if not
theretofore received, the right to receive such award) payable on account of the
Taking shall be assigned and transferred to Buyer. Seller shall give notice to
Buyer promptly after Seller&#146;s receipt of notice of the commencement of any
proceedings for the Taking of the Real Property or any part thereof. Buyer shall
have a period of ten (10) calendar days (or such shorter period as Buyer may
elect by giving notice to Seller) after Seller has given the notice to Buyer
required by this Section 11.6.2 to evaluate the extent of the taking and make
the determination as to whether to terminate this Agreement. If necessary, the
Closing shall be postponed until Seller has given the notice to Buyer required
by this Section 11.6.2 and the period of ten (10) business days described in
this Section 11.6.2 has expired. </FONT></P>

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<P><FONT SIZE=3>11.7&nbsp;&nbsp;&nbsp;<U>Applicable Law</U>. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of
Georgia, and according to its fair meaning, and not in favor of or against any
party. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>11.8&nbsp;&nbsp;&nbsp;<U>Entire Agreement; Amendment</U>. This
Agreement (which includes all exhibits hereto) embodies the entire agreement and
understanding between the parties relating to the subject matter hereof, and all
prior negotiations (including, without limitation, that certain letter of intent
from Buyer to Seller dated November 7, 2005 and signed by Seller on November 9,
2005), agreements and understandings, oral or written, are hereby revoked,
cancelled and rescinded and are all merged herein and superseded hereby. Any
amendment to this Agreement, including, without limitation, any oral
modification supported by new consideration, must be reduced to writing and
signed by both parties in order to be effective. </FONT></P>

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<P><FONT SIZE=3>11.9&nbsp;&nbsp;&nbsp;<U>Counterparts; Waiver</U>. This
Agreement may be executed in two or more counterparts, each of which shall be
deemed to be an original, but all of which together shall constitute one and the
same instrument. This Agreement may be executed by facsimile signature and any
such signature shall be effective as if it the original signature. Except as
otherwise specifically provided herein, and except where a party is afforded a
specific deadline for electing to terminate this contract and fails to timely
notify the other party of such termination, any waiver of the performance of any
covenant, condition or promise by either party, in order to be effective, must
be in a writing signed by the party who has allegedly waived the covenant,
condition or promise in question. The waiver by either party of a breach of a
provision of this Agreement shall not be deemed a waiver of any subsequent
breach whether of the same of another provision of this Agreement. </FONT></P>

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<P><FONT SIZE=3>11.10&nbsp;&nbsp;&nbsp;<U>Severability</U>. Should any part,
term or provision of this Agreement or any document required herein to be
executed or delivered be declared invalid, void or unenforceable, all remaining
parts, terms and provisions hereof shall remain in full force and effect and
shall in no way be invalidated, impaired or affected thereby. </FONT></P>

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<P><FONT SIZE=3>11.11&nbsp;&nbsp;&nbsp;<U>Interpretation</U>. The neuter gender
includes the feminine and masculine, and vice-versa, and the singular number
includes the plural. The word &#147;person&#148; includes, in addition to any
natural person, a corporation, partnership, limited liability company, firm,
trust, association, governmental body or other entity. The captions of the
sections of this Agreement are for convenience and reference only, and the words
contained therein shall in no way be held to explain, modify, or aid in the
interpretation, construction or meaning of the provisions of this Agreement.
</FONT></P>

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<P><FONT SIZE=3>11.12&nbsp;&nbsp;&nbsp;<U>Attorneys&#146; Fees.</U> If either
party brings any action, suit, or proceeding against the other arising from this
Agreement, or is made a party to any action or proceeding brought by Escrow
Holder, then as between Buyer and Seller, the prevailing party shall be entitled
to recover as an element of its costs of suit, and not as damages, reasonable
and actual attorneys&#146; and experts&#146; fees and litigation expenses to be
fixed by the court. </FONT></P>

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<P><FONT SIZE=3>11.13&nbsp;&nbsp;&nbsp;<U>Survival.</U> The indemnities
contained in Section 11.16.6, 11.17 and 11.22 below, the covenant contained in
Section 4 of the Assignment Agreement, all warranties or covenants (express or
implied) contained in the Deed, and the covenants and agreements contained in
Sections 11.4, 11.12, 11.17 and 11.19 of this Agreement shall survive the
Closing and delivery and recordation of the Deed and shall not be merged into
the Deed. In addition, the representations and warranties of Seller set forth in
Section 10.2 above shall survive the Closing and delivery and recordation of the
Deed and shall not be merged into the Deed, subject to the terms contained in
the last paragraph of Section 10.2 above. </FONT></P>

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<P><FONT SIZE=3>11.14&nbsp;&nbsp;&nbsp;<U>Termination; Notice of Default</U>. If
this Agreement terminates prior to the Closing pursuant to any provision hereof
allowing for termination (whether or not such provision references this Section
11.14), this Agreement shall be of no further force or effect except that: (i)
Seller shall promptly cause the Earnest Money to be returned to Buyer; (ii) the
Escrow shall be cancelled; and (iii) Buyer and Seller shall each pay one-half
(1/2) of any escrow cancellation fees charged by Escrow Holder. Nothing
contained herein shall be deemed to limit or impair: (a) Seller&#146;s right to
liquidated damages for Buyer&#146;s default as provided in Section 2.1.2 above
or for damages pursuant to the indemnity contained in Section 5 above, or (b)
any other indemnity or repair obligations of Buyer under this Agreement. If
Seller defaults in its obligation to sell and convey the Property to Buyer as
and when required under the terms of this Agreement (&#147;Seller&#146;s
Default&#148;), then Buyer, as its sole remedy hereunder for such default, may
either (i) terminate this Agreement by written notice to Seller, in which event
Buyer will receive from the Escrow Holder the Earnest Money, whereupon Seller
and Buyer will have no further rights or obligations under this Agreement,
except with respect to those provisions of this Agreement which are expressly
stated to survive any termination of this Agreement, or (ii) seek specific
performance from Seller, but Buyer shall have no cause of action or claim for
damages against Seller by reason of such default (provided, however, that the
foregoing shall not be deemed to limit or preclude any claim by Buyer against
Seller based on an indemnification provision expressly set forth in this
Agreement). Notwithstanding anything to the contrary in this Agreement, in the
event Buyer elects to seek specific performance as a result of such default by
Seller under this Agreement, (a) the Purchase Price reduction set forth in
Section 3.2 above shall continue until the date the Property is actually
conveyed to Buyer pursuant to such specific performance action, and (b) the
Earnest Money shall be applied to the Purchase Price at the time of such
conveyance. As a condition precedent to Buyer exercising any right it may have
to bring an action for specific performance, Buyer must commence such an action
within ninety (90) days after the date it notifies Seller in writing of
Seller&#146;s Default. Buyer agrees that its failure to timely commence such an
action for specific performance within such 90-day period shall be deemed a
waiver by it of its right to commence an action for specific performance. The
foregoing remedies of Buyer set forth in clauses (i) and (ii) above are mutually
exclusive and only one of such remedies (whichever Buyer elects) may be
exercised. Neither party shall be deemed to be in default with respect to this
Agreement or to have breached this Agreement unless and until the other party
shall have delivered written notice to the other setting forth the nature of the
alleged default or breach. </FONT></P>

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<P><FONT SIZE=3>11.15&nbsp;&nbsp;&nbsp;<U>Construction</U>. The parties hereto
agree that each party and its counsel or advisor have reviewed and revised this
Agreement and that any rule of construction to the effect that ambiguities are
to be resolved against the drafting party shall not apply in the interpretation
of this Agreement or any amendments or exhibits hereto. </FONT></P>

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<P><FONT SIZE=3>11.16&nbsp;&nbsp;&nbsp;<U>Operation of the Property</U>. During
the Interim Period, Seller shall manage, operate, maintain, repair, and insure
the Real Property and the Personal Property in the ordinary course of
Seller&#146;s business and keep the Real Property and the Personal Property in
good repair and working order, and continue all routine maintenance and
preventative maintenance services on their normal service intervals as
determined by Seller. Further, during the Interim Period: </FONT></P>

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<P><FONT SIZE=3>11.16.1&nbsp;&nbsp;&nbsp;Seller shall not (a) enter into any
lease or other occupancy agreement affecting the Property or any part thereof,
(b) remove any tangible personal property from the Property except for the
Removable Property or any article of tangible personal as is replaced by Seller
by an article of equal suitability and value, free and clear of all liens,
encumbrances, claims and charges, (c) not cause or permit any grading,
excavation or construction upon the Property or any addition, alteration or
removal of any improvements, fixtures or equipment forming a part of the
Property (other than the Removable Property), (d) knowingly use or occupy, or
knowingly allow the use or occupancy of, the Property or any part thereof in any
manner that violates any governmental requirements or which constitutes waste or
a public or private nuisance or which makes void, voidable or cancelable, or
increases the premium of, any insurance then in force with respect thereto, (e)
not initiate or permit any zoning reclassification of the Property or any part
thereof or seek any variance under existing zoning ordinances applicable to the
Property to use or permit the use of the Property in such a manner which would
result in such use becoming a nonconforming use under applicable zoning
ordinances or other governmental requirements, (f) impose any restrictive
covenants or encumbrances on the Property or execute or file any subdivision
plat affecting the Property or any part thereof or record or cause to be
recorded any documents or instruments against the Property, or (g) cause or
permit any additional (in addition to the Permitted Exceptions) liens,
encumbrances or other title exceptions to be filed against the Property or any
part thereof that will not be removed by Seller at its sole expense at or before
the Closing, in each of the foregoing cases without the prior written consent of
Buyer (which consent may be withheld in Buyer&#146;s sole and absolute
discretion). </FONT></P>

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<P><FONT SIZE=3>11.16.2&nbsp;&nbsp;&nbsp;Seller will maintain in full force and
effect fire and extended coverage insurance upon the Property and public
liability insurance with respect to damage or injury to persons or property
occurring on the Property in such amounts as is maintained by Seller on the
Effective Date. </FONT></P>

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<P><FONT SIZE=3>11.16.3&nbsp;&nbsp;&nbsp;Seller shall not solicit, accept, or
provide factual information or negotiate with respect to, any offer to purchase
the Property or part thereof from any person (other than Buyer), nor shall
Seller market the Property for sale or agree to sell, make any offer to sell, or
negotiate with respect to the sale of, the Property or any part thereof, other
than to Buyer pursuant to this Agreement Buyer shall have the right, at
Buyer&#146;s sole cost and expense, to record a short form memorandum of this
Agreement in the form set forth on <U>Exhibit &#147;E&#148;</U> hereto, in the
real property records of Gwinnett County, Georgia. If this Agreement is
terminated by Buyer or Seller at any time prior to the Closing pursuant to any
provision of this Agreement, Buyer agrees to promptly execute and deliver to
Seller an executed quitclaim deed or termination of such memorandum, in
recordable form, and Buyer further agrees that upon delivery of such termination
to Seller, Seller shall have the right to record the same in the real property
records of Gwinnett County, Georgia. </FONT></P>

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<P><FONT SIZE=3>11.16.4&nbsp;&nbsp;&nbsp;Immediately upon obtaining actual
knowledge or written communication of the institution or threat of institution
of any proceedings for the condemnation of the Property or any part thereof, or
any other proceedings arising out of injury or damage to the Property or any
part thereof, Seller will notify Buyer in writing. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>11.16.5&nbsp;&nbsp;&nbsp;Seller shall advise Buyer promptly in
writing of any actual, pending or threatened litigation, arbitration or
administrative hearing concerning or affecting or relating to the Property of
which Seller has actual knowledge or notice. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>11.16.6&nbsp;&nbsp;&nbsp;To the extent Seller determines that
any service, maintenance, or security agreements for the Property or any part
thereof are currently in effect and are not cancelable without penalty on thirty
(30) days notice or less, Seller shall either (a) with Buyer&#146;s written
consent (which may be withheld in Buyer&#146;s sole discretion), assign the same
to Buyer at the Closing, or (b) continue to be responsible for the payment of
all amounts due under such agreements and the performance of any other
obligations of Seller thereunder and indemnify, defend and hold Buyer harmless
from and against any claims, suits, proceedings, liens, expenses (including,
without limitation, reasonable attorneys&#146; fees and costs), and damages
suffered or incurred by Buyer as a result of Seller&#146;s non-performance of
such agreements. </FONT></P>

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<P><FONT SIZE=3>11.17&nbsp;&nbsp;&nbsp;<U>Real Estate Broker</U>. The parties
acknowledge that Cushman &amp; Wakefield of Georgia, Inc. (the
&#147;Agent&#148;) has acted as a real estate broker in connection with this
transaction as the agent of both Seller and Buyer. If and only if the Closing
occurs hereunder, Seller shall pay Agent a commission in the amount of $661,538.
Except as set forth above with respect to Agent, neither Seller nor Buyer has
authorized any broker or finder to act on Seller&#146;s or Buyer&#146;s behalf
in connection with the sale and purchase hereunder and neither Seller nor Buyer
has dealt with any broker or finder purporting to act on behalf of any other
party. Buyer agrees to indemnify, defend and hold harmless Seller from and
against any and all claims, proceedings, losses, damages, costs or expenses of
any kind or character arising out of or resulting from any agreement,
arrangement or understanding alleged to have been made by Buyer or on
Buyer&#146;s behalf with any broker or finder (other than the Agent) in
connection with this Agreement or the transaction contemplated hereby. Seller
agrees to indemnify, defend and hold harmless Buyer from and against any and all
claims, proceedings, losses, damages, costs or expenses of any kind or character
arising out of or resulting from: (1) the commissions due to the Agent in
connection with this Agreement and the transaction contemplated hereby; and/or
(2) any agreement, arrangement or understanding alleged to have been made by
Seller or on Seller&#146;s behalf with any broker or finder in connection with
this Agreement or the transaction contemplated hereby. Notwithstanding anything
to the contrary contained herein, this Section 11.17 shall survive the Closing
or any earlier termination of this Agreement. Seller shall cause the Agent to
deliver to Buyer at the Closing a release of lien permitted under O.C.G.A.
Section 44-14-602. </FONT></P>

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<P><FONT SIZE=3>11.18&nbsp;&nbsp;&nbsp;<U>Time Periods</U>. As used in this
Agreement, (1) a &#147;day&#148; is a calendar day and (2) a &#147;business
day&#148; is a calendar day other than a Saturday or Sunday upon which (a) the
Office of the Clerk of the Superior Court of Gwinnett County, Georgia is open
and accepting documents for recording, (b) the United States Postal Service is
delivering first class mail, and (c) banks in Gwinnett County are generally open
for business. If, pursuant to this Agreement, a party must act by a particular
time, or an act is effective only if done by a particular time, and the last
date for the doing or effectiveness of such act falls upon a day other than a
business day, the time for the doing or effectiveness of such act shall be
extended to the next succeeding business day. </FONT></P>

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<P><FONT SIZE=3>11.19&nbsp;&nbsp;&nbsp;<U>Further Assurances</U>. Each of the
parties shall execute such other and further documents and do such further acts
(provided the same do not expand or increase such party&#146;s obligations
hereunder or reduce or diminish such party&#146;s rights hereunder) as may be
reasonably required to effectuate the intent of this Agreement. </FONT></P>

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<P><FONT SIZE=3>11.20&nbsp;&nbsp;&nbsp;<U>1099 Reporting</U>. The parties agree
that the Escrow Holder is hereby designated as the entity responsible for filing
a Form 1099 with the Internal Revenue Service promptly after the Closing as
required under Internal Revenue Code Regulation &sect; 1.6045.4. </FONT></P>

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<P><FONT SIZE=3>11.21&nbsp;&nbsp;&nbsp;<U>Confidentiality; Announcement</U>.
<B>[Note: There is a non-disclosure agreement that the parties signed in
addition to this paragraph and the confidentiality agreement contained in the
letter of intent. I think we should have one controlling document. Let&#146;s
discuss.]</B> The parties agree that the terms of this Agreement are
confidential and shall not, except to the extent required by Applicable Law, be
intentionally released to other parties (other than the each party&#146;s
attorneys, consultants, partners, accountants, lenders and advisors) prior to
the Closing without the approval of both Buyer and Seller. Except to the extent
required by Applicable Law, the parties further agree that there shall be no
public announcement of the proposed transaction unless agreed to in writing by
Buyer and Seller. </FONT></P>

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<P><FONT SIZE=3>11.22&nbsp;&nbsp;&nbsp;<U>Tax Free Exchange</U>. Subject to the
terms and conditions of this Section, each party hereby agrees, provided at
least ten (10) business days prior written notice of the requested action has
been delivered to the party being requested to take action, to take such actions
at the Closing (but at no time thereafter) as are reasonably necessary to help
the other to effectuate a like-kind exchange of the Property pursuant to Section
1031 of the Internal Revenue Code; provided, however, that in no event shall (a)
the non-requesting party be required to take title to or hold or possess any
property or to assume, suffer or incur any expense, obligation or liability in
order to effectuate the like-kind exchange or to assist the requesting party
with its exchange, (b) either party&#146;s exchange delay or extend the Closing
Date or any other time for performance of the requesting party&#146;s
obligations under this Agreement, or (c) shall the requesting party be relieved
in any manner of or from any of its representations, warranties, covenants, or
other obligations under this Agreement or any exhibit hereto. The requesting
party, whether Seller or Buyer, agrees to indemnify, defend and hold the other
party harmless from and against any and all costs, expenses, damages, suits,
claims and other liabilities of any kind arising with regard to the requesting
party&#146;s effectuation of (or attempt to effectuate) or assistance with the
requesting party&#146;s tax free exchange as described herein. Notwithstanding
anything to the contrary provided herein, the non-requesting party makes no
representations or warranties as to the tax treatment for or any other
consequence of the transaction contemplated hereby or the ability of the
transaction contemplated to qualify for like-kind exchange treatment pursuant to
Section 1031 of the Internal Revenue Code. In the event both parties desire to
effectuate a like-kind exchange as described herein, each party shall pay any
and all costs associated with their respective transactions. The indemnity set
forth above in this Section shall survive the Closing and delivery and
recordation of the Deed and shall not be merged into the Deed. </FONT></P>

<P><FONT SIZE=3>11.24&nbsp;&nbsp;&nbsp;<U>Time of Essence</U>. Time is of the
essence of this Agreement.</FONT></P>

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<P><FONT SIZE=3>11.25&nbsp;&nbsp;&nbsp;<U>Property Conveyed &#147;As
Is&#148;</U>. EXCEPT AS EXPRESSLY SET FORTH HEREIN, SELLER DOES NOT, BY THE
EXECUTION AND DELIVERY OF THIS AGREEMENT, AND SELLER SHALL NOT, BY THE EXECUTION
AND DELIVERY OF ANY DOCUMENT OR INSTRUMENT EXECUTED AND DELIVERED IN CONNECTION
WITH CLOSING, MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, OF ANY
KIND OR NATURE WHATSOEVER, WITH RESPECT TO THE PROPERTY, AND ALL SUCH WARRANTIES
ARE HEREBY DISCLAIMED. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, EXCEPT
AS EXPRESSLY SET FORTH HEREIN, SELLER MAKES, AND SHALL MAKE, NO EXPRESS OR
IMPLIED WARRANTY AS TO MATTERS OF TITLE (OTHER THAN SELLER&#146;S STATUTORY
WARRANTY OF TITLE SET FORTH IN THE STATUTORY WARRANTY DEED TO BE DELIVERED AT
CLOSING), ZONING, TAX CONSEQUENCES, PHYSICAL OR ENVIRONMENTAL CONDITION
(INCLUDING, WITHOUT LIMITATION, LAWS, RULES, REGULATIONS, ORDERS AND
REQUIREMENTS PERTAINING TO THE USE, HANDLING, GENERATION, TREATMENT, STORAGE OR
DISPOSAL OF ANY TOXIC OR HAZARDOUS WASTE OR TOXIC, HAZARDOUS OR REGULATED
SUBSTANCE), VALUATION, GOVERNMENTAL APPROVALS, GOVERNMENTAL REGULATIONS OR ANY
OTHER MATTER OR THING RELATING TO OR AFFECTING THE PROPERTY. BUYER AGREES THAT,
EXCEPT AS EXPRESSLY SET FORTH HEREIN, WITH RESPECT TO THE PROPERTY, BUYER HAS
NOT RELIED UPON AND WILL NOT RELY UPON, EITHER DIRECTLY OR INDIRECTLY, ANY
REPRESENTATION OR WARRANTY OF SELLER. BUYER WILL HAVE, AS OF CLOSING, THOROUGHLY
CONDUCTED SUCH INSPECTIONS AND INVESTIGATIONS OF THE PROPERTY (INCLUDING, BUT
NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITION THEREOF) TO THE EXTENT
DEEMED NECESSARY BY BUYER IN ORDER TO ENABLE BUYER TO EVALUATE THE PURCHASE OF
THE PROPERTY. </FONT></P>

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<P><FONT SIZE=3>NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT,
BUYER DOES NOT WAIVE, RELEASE OR AGREE TO IN ANY MANNER LIMIT ANY CLAIMS OR
CAUSES OF ACTION AGAINST SELLER FOR ANY INTENTIONAL MISREPRESENTATION REGARDING
THE PROPERTY OR THE INTENTIONAL FAILURE TO DISCLOSE ANY MATERIAL DEFECTS OF THE
PROPERTY OF WHICH SELLER HAS ACTUAL KNOWLEDGE AS OF THE CLOSING. FURTHER,
NOTHING CONTAINED IN THIS AGREEMENT SHALL BE DEEMED A WAIVER OR RELEASE BY
BUYER, OR BUYER&#146;S AGREEMENT TO IN ANY MANNER LIMIT, ANY CLAIMS OR CAUSES OF
ACTION BY BUYER AGAINST SELLER ARISING OUT OF CONTAMINATION OF THE PROPERTY BY
ANY HAZARDOUS SUBSTANCES FIRST BROUGHT ON TO THE PROPERTY BY SELLER OR
SELLER&#146;S EMPLOYEES, AGENTS, CONTRACTORS OR TENANTS, WHICH CONTAMINATION WAS
NOT ACTUALLY KNOWN TO BUYER AS OF THE CLOSING. </FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>[signatures follow on next page]</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
and year set forth under their respective signatures. </FONT></P>

<P><FONT SIZE=3>SELLER:<BR>
<BR>
SYSTEMAX SUWANEE LLC,<BR>
a Delaware limited liability company<BR>
<BR>
By:&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>
<BR>
Its:&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><BR>
Dated:&nbsp;&nbsp;&nbsp;&nbsp;________________, 2005<BR>
<BR>
BUYER:<BR>
<BR>
HEWLETT-PACKARD COMPANY,<BR>
a Delaware corporation<BR>
<BR>
By:&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>
<BR>
Its:&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><BR>
Dated:&nbsp;&nbsp;&nbsp;&nbsp;________________, 2005</FONT></P>

<PAGE>

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<P ALIGN=CENTER><FONT SIZE=3>EXHIBIT &#147;A&#148;</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>-to be inserted-</FONT></P>

<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3>EXHIBIT &#147;B&#148;</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><U>BILL OF SALE</U> </FONT></P>

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<P><FONT SIZE=3>SYSTEMAX SUWANEE LLC, a Delaware limited liability company
(&#147;Seller&#148;), hereby assigns and transfers to
_____________________________________ (&#147;Buyer&#148;), all of Seller&#146;s
right, title and interest in and to all personal property owned by Seller and
used exclusively in connection with or located on or in the Real Property (as
the term &#147;Real Property&#148; is defined in Recital A of that certain
Agreement of Purchase and Sale dated _______________, 2005, between Seller and
Buyer), other than the Removable Property as defined in said Agreement of
Purchase and Sale. Seller represents and warrants to Buyer that that Seller has
good title to all such personal property free and clear of all liens,
encumbrances, security interests and adverse claims. </FONT></P>

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<P><FONT SIZE=3>IN WITNESS WHEREOF, Seller has executed this Instrument as of
_____________, 200__. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3>SELLER:<BR>
<BR>
SYSTEMAX SUWANEE LLC,<BR>
a Delaware limited liability company<BR>
<BR>
By:&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>
<BR>
Its:&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>
</FONT></P>

<PAGE>

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<P ALIGN=CENTER><FONT SIZE=3>EXHIBIT &#147;C&#148;</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><U>ASSIGNMENT AGREEMENT</U> </FONT></P>

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<P><FONT SIZE=3>THIS ASSIGNMENT AGREEMENT (this &#147;Agreement&#148;) is made
and entered into as of this _______________, 200_, by and between SYSTEMAX
SUWANEE LLC, a Delaware limited liability company (&#147;Assignor&#148;), and
_____________________________ (&#147;Assignee&#148;). </FONT></P>

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<P><FONT SIZE=3>WHEREAS, Assignor, as seller, and Assignee, as buyer, have
entered into that certain Agreement of Purchase and Sale dated as of
_____________, 2005 (the &#147;Purchase Agreement&#148;). </FONT></P>

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<P><FONT SIZE=3>WHEREAS, Assignor desires to assign, transfer, set over and
deliver to Assignee all of Assignor&#146;s right, title and interest in and to
the Assigned Property (defined below) as hereinafter provided. </FONT></P>

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<P><FONT SIZE=3>NOW, THEREFORE, in accordance with the Purchase Agreement and in
consideration of the sum of Ten Dollars ($10.00), the sufficiency and receipt of
which are hereby acknowledged, the parties do hereby covenant and agree as
follows and take the following actions: </FONT></P>

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<P><FONT SIZE=3>1.&nbsp;&nbsp;&nbsp;
<U>Defined Terms</U>. Unless otherwise defined herein, all initially capitalized
words used herein shall have the same meaning ascribed to them in the Purchase
Agreement.</FONT></P>

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<P><FONT SIZE=3>2.&nbsp;&nbsp;&nbsp;
<U>Assignment</U>. Assignor does hereby sell, assign, convey and transfer to
Assignee all of Assignor&#146;s right, title and interest in and to the
following property to the fullest extent any such property may exist
(collectively, the &#147;Assigned Property&#148;):</FONT></P>

<P><FONT SIZE=3>2.1&nbsp;&nbsp;&nbsp;Any and all warranties and guaranties
applicable to the design, installment or construction of the Improvements, if
any (the "Warranties and Guarantees");</FONT></P>

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<P><FONT SIZE=3>2.2&nbsp;&nbsp;&nbsp;Any and all claims and cause of action for
defects or deficiencies in the design and/or construction of the Property or any
part thereof (the &#147;Construction Defect Claims&#148;); </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>2.3&nbsp;&nbsp;&nbsp;Any and all governmental licenses, permits,
and certificates (including certificates of occupancy) and any and all
development rights applicable to the development, expansion, ownership, use, or
occupancy of the Property, if any (the &#147;Licenses and Permits&#148;);
</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>2.4&nbsp;&nbsp;&nbsp;The contracts applicable to the Property
which are listed in Schedule &#147;1&#148; hereto, if any (the &#147;Assumed
Contracts&#148;) [To Be Supplied at Closing]; </FONT></P>

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<P><FONT SIZE=3>2.5&nbsp;&nbsp;&nbsp;Any and all architectural, structural,
mechanical or engineering drawings, plans, or specifications for the
Improvements and any assignable and transferable topographical, grading, or
drainage plans or surveys for the Land, including those listed in Schedule
&#147;1&#148; hereto, if any (the &#147;Plans&#148;); </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>2.6&nbsp;&nbsp;&nbsp;Any other intangible personal property
relating to the ownership, development, use, operation, repair, or maintenance
of the Property, except the following: (i) any and all trademarks, logos and
other marks or trade or business names relating to the business or ownership of
Seller or any of its affiliates or subsidiaries (the &#147;Trademarks&#148;);
<B>[Note: ok so long as Seller does not get credit at Closing -&gt;]</B> (ii)
any and all utility deposits held on behalf of Assignor by utility companies
with respect to the Property, if any (the &#147;Utility Deposits&#148;); and
(iii) any and all phone listings and numbers with respect to the Real Property
(the &#147;Phone Numbers&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>3.&nbsp;&nbsp;&nbsp;
<U>Assumption of Assumed Contracts by Assignee</U>. Assignee hereby assumes and
agrees to perform all of the duties and obligations of Assignor under the
Assumed Contracts (if any) but only to the extent such duties and obligations
accrue on or after the date of this Assignment (i.e., do not arise out of
conduct, acts or failures to act, circumstances or events which took place prior
to the date of this Assignment) and during the period of Assignee&#146;s
ownership of the property subject to the Assumed Contracts.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>4.&nbsp;&nbsp;&nbsp;
<U>Further Assurances</U>. Assignor and Assignee agree to execute such other
documents and perform such other acts as may be reasonably necessary or proper
and usual to effect this Agreement.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>5.&nbsp;&nbsp;&nbsp;
<U>Governing Law</U>. This Agreement shall be governed by and construed in
accordance with the laws of the State of Georgia.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>6.&nbsp;&nbsp;&nbsp;
<U>Successors and Assigns</U>. This Agreement shall be binding upon and shall
inure to the benefit of Assignor and Assignee and their respective personal
representatives, heirs, successors and assigns.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>7.&nbsp;&nbsp;&nbsp;
<U>Counterparts</U>. This Agreement may be signed in multiple counterparts
which, when signed by all parties, shall constitute a binding
agreement.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>8.&nbsp;&nbsp;&nbsp;
<U>Title.</U> Assignor represents and warrants to Assignee that Seller has good
title to all of the Assigned Property free and clear of all liens, encumbrances,
security interests and adverse claims.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, this Agreement has been executed by the parties as of the date
first above written. </FONT></P>

<P><FONT SIZE=3>ASSIGNEE&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><BR>
<BR>
By:&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>
<BR>
Its:&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><BR>
<BR>
ASSIGNOR<BR>
<BR>
SYSTEMAX SUWANEE LLC,<BR>
a Delaware limited liability company<BR>
<BR>
By:&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>
<BR>
Its:&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></FONT></P>


<PAGE>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>[To Be Completed at or
Prior to Closing]</B> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>Schedule No. 1</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3>Warranties and Guarantees:</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3>Licenses and Permits:</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3>Assumed Contracts:</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3>Trademarks:</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3>Plans:</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3>Utility Deposits:</FONT></P>

<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>EXHIBIT &#147;D&#148;</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>AFTER RECORDING, RETURN TO:<BR>
William J. Thompson, Esq.<BR>
Powell Goldstein LLP<BR>
Fourteenth Floor<BR>
1201 West Peachtree Street, NW<BR>
Atlanta, Georgia 30309 </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>LIMITED WARRANTY DEED</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS
DEED</B> is made as of the ___ day of _____________, 200____, by and between
SYSTEMAX SUWANEE LLC, a Delaware limited liability company
(&#147;<B>Grantor</B>&#148;) and ____________________________________, a
_______________________________ (&#147;<B>Grantee</B>&#148;) having an address
of _________________________________ (the terms Grantor and Grantee to include
their respective successors and assigns where the context hereof requires or
permits). </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>WITNESSETH THAT:</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Grantor, for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00),
and other good and valuable consideration, in hand paid at and before the
sealing and delivery of these presents, the receipt, adequacy and sufficiency of
which are hereby acknowledged by Grantor, has granted, bargained, sold and
conveyed, and by these presents does hereby grant, bargain, sell and convey unto
Grantee, the real property described on <U><B>Exhibit A</B></U> attached hereto
and made a part hereof (the &#147;<B>Property</B>&#148;) subject only to those
items set forth on <U><B>Exhibit B</B></U> attached hereto and made a part
hereof (the &#147;<B>Permitted Exceptions</B>&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TO
HAVE AND TO HOLD the Property, together with all and singular the rights,
members and appurtenances thereof, to the same being, belonging, or in anywise
appertaining, to the only proper use, benefit and behoof of Grantee, forever in
FEE SIMPLE.&nbsp; </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the Permitted Exceptions, Grantor will warrant and forever defend
Grantor&#146;s right, title and interest in and to the Property unto Grantee
against the claims of all persons claiming, owning or holding by, through or
under Grantor. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, Grantor has caused this Deed to be executed and sealed as of
the day and year first above written. </FONT></P>

<P><FONT SIZE=3>SYSTEMAX SUWANEE LLC,<BR>
a Delaware limited liability company<BR>
<BR>
By:&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>
<BR>
Name:&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;</U>
<BR>
Its:&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></FONT></P>

<P><FONT SIZE=3>Signed, sealed and delivered<BR>
in the presence of:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT><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;</U><BR>
Unofficial Witness<BR>
<BR>
<BR>
<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;</U><BR>
Notary Public<BR>
<BR>
[AFFIX NOTARIAL SEAL]</TD>
<TD WIDTH=50%>By:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>
<BR>
Printed Name:<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;</U><BR>
<BR>
<BR>
Title:<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>
<BR>
[CORPORATE SEAL]</TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>8
<FILENAME>systemax-ex21_070506.htm
<DESCRIPTION>EX-21
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-21</TITLE>
</HEAD>
<BODY>



<!-- MARKER FORMAT-SHEET="Head Right" FSL="Default" -->
<P ALIGN=RIGHT><FONT SIZE=3><B>Exhibit 21</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B>SUBSIDIARIES OF SYSTEMAX INC.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3>DOMESTIC SUBSIDIARIES </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>1.</TD>
<TD WIDTH=90%>Global Computer Supplies Inc. (a New York corporation)</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>2.</TD>
<TD WIDTH=90%>Global Equipment Company Inc. (a New York corporation)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>3.</TD>
<TD WIDTH=90%>Dartek Corporation (a Delaware corporation)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>4.</TD>
<TD WIDTH=90%>Nexel Industries Inc. (a New York corporation)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>6.</TD>
<TD WIDTH=90%>Tiger Direct Inc. (a Florida corporation)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>7.</TD>
<TD WIDTH=90%>Systemax Manufacturing Inc. (a Delaware corporation)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>8.</TD>
<TD WIDTH=90%>Profit Center Software Inc. ( a New York corporation)</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3>FOREIGN SUBSIDIARIES </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>1.</TD>
<TD WIDTH=90%>Misco Germany Inc. (a New York corporation)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>2.</TD>
<TD WIDTH=90%>Misco Italy Computer Supplies S.P.A. (an Italian corporation)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>3.</TD>
<TD WIDTH=90%>H C S Global SA (a French corporation)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>4.</TD>
<TD WIDTH=90%>Systemax Europe Ltd. (a U.K. corporation)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>5.</TD>
<TD WIDTH=90%>Global Computer Products BV (a Dutch corporation)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>6.</TD>
<TD WIDTH=90%> Dabus Dataproducktor AB (a Swedish corporation)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>7.</TD>
<TD WIDTH=90%>Misco Iberia Computer Supplies S.A. (a Spanish corporation)</TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>9
<FILENAME>systemax-ex231_070506.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-23.1</TITLE>
</HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE=3>Exhibit 23.1</FONT></P>


<P ALIGN=CENTER><FONT SIZE=3>CONSENT OF INDEPENDENT REGISTERED ACCOUNTING FIRM</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We consent to the incorporation by reference in Registration Statement No.
333-21489, 333-21491, and 333-11618 on Form S-8 of our report dated April 13,
2005 (November 17, 2005, as to the effects of the restatement discussed in Note
2), which expresses an unqualified opinion and includes an explanatory paragraph
relating to the Company's restatement described in Note 2 to the consolidated
financial statements, relating to the consolidated financial statements and
financial statement schedule as of December 31, 2004 and for each of the years
in the two-year period then ended of Systemax, Inc. and subsidiaries appearing
in the Annual Report on Form 10-K of Systemax Inc. for the year ended December
31, 2005.</FONT></P>

<P><FONT SIZE=3>DELOITTE &amp; TOUCHE LLP<BR>
/s/ Deloitte &amp; Touche LLP<BR>
<BR>
<BR>
August 25, 2006</FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>10
<FILENAME>systemax-ex232_070506.htm
<DESCRIPTION>EX-23.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-23.2</TITLE>
</HEAD>
<BODY>


<P ALIGN=RIGHT><FONT SIZE=3>Exhibit 23.2</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>Consent of Independent Registered Public Accounting
Firm</FONT></P>

<P><FONT SIZE=3>We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 333-21489, 333-21491 and 333-11618) pertaining to the
1999 Long-Term Stock Incentive Plan of Systemax Inc. of our report dated May 26,
2006 at and for the year ended December 31, 2005, with respect to the
consolidated financial statements and schedules of Systemax Inc. in the Annual
Report (Form 10-K) for the year ended December 31, 2005.</FONT></P>

<P><FONT SIZE=3>/s/ Ernst &amp; Young LLP</FONT></P>

<P><FONT SIZE=3>New York, New York<BR>
August 25, 2006</FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>11
<FILENAME>systemax-ex311_070506.htm
<DESCRIPTION>EX-31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-31.1</TITLE>
</HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE=3>Exhibit 31.1</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>CERTIFICATION UNDER SECTION 302 OF THE<BR>
SARBANES-OXLEY ACT OF 2002 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><B><I>CERTIFICATION OF CHIEF EXECUTIVE OFFICER</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>I, Richard Leeds, Chief Executive Officer of Systemax Inc., certify that: </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>1. I have reviewed this annual report on Form 10-K of Systemax
Inc. (the &#147;registrant&#148;);</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>2. Based on my knowledge, this annual 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 annual report;</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>3. Based on my knowledge, the financial statements, and other
financial information included in this annual 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 annual
report;</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>4. The registrant&#146;s other certifying officer 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)) for the registrant
and (except as disclosed in Item 9A of this annual report on Form 10-K) we
have:</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>a) designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to
reasonably ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within
these entities, particularly during the period in which this annual report is
being prepared;</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>b) 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="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>c) disclosed in this report any change in the registrant&#146;s
internal control over financial reporting that occurred during the
registrant&#146;s fourth fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s control over
financial reporting.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>5. The registrant&#146;s other certifying officer 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 the registrant&#146;s board of directors:</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>a) all significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting known to me
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="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant&#146;s internal
controls over financial reporting.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3>Date: August 29, 2006</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>/s/ RICHARD LEEDS</U><BR>
Richard Leeds, Chief Executive Officer</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>12
<FILENAME>systemax-ex312_070506.htm
<DESCRIPTION>EX-31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-31.2</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Right" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Exhibit 31.2 </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>CERTIFICATION UNDER SECTION 302 OF THE<BR>
SARBANES-OXLEY ACT OF 2002</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3> <B><I>CERTIFICATION OF CHIEF FINANCIAL OFFICER</I></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>I, Steven M. Goldschein, Chief Financial Officer of Systemax Inc., certify
that: </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>1. I have reviewed this annual report on Form 10-K of Systemax
Inc. (the &#147;registrant&#148;);</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>2. Based on my knowledge, this annual 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 annual report;</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>3. Based on my knowledge, the financial statements, and other
financial information included in this annual 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 annual
report;</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>4. The registrant&#146;s other certifying officer 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)) for the registrant
and (except as disclosed in Item 9A of this annual report on Form 10-K) we
have:</FONT></P>

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<P><FONT SIZE=3>a) designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to
reasonably ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within
these entities, particularly during the period in which this annual report is
being prepared;</FONT></P>

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<P><FONT SIZE=3>b) 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>

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<P><FONT SIZE=3>c) disclosed in this report any change in the registrant&#146;s
internal control over financial reporting that occurred during the
registrant&#146;s fourth fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s control over
financial reporting.</FONT></P>

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<P><FONT SIZE=3>5. The registrant&#146;s other certifying officer 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 the registrant&#146;s board of directors:</FONT></P>

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<P><FONT SIZE=3>a) all significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting known to me
which are reasonably likely to adversely affect the registrant&#146;s ability to
record, process, summarize and report financial information; and</FONT></P>

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<P><FONT SIZE=3>b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant&#146;s internal
controls over financial reporting.</FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3>Date: August 29, 2006</FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><U>/s/ STEVEN M. GOLDSCHEIN</U><BR>
Steven M. Goldschein, Chief Financial Officer</FONT></P>

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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>13
<FILENAME>systemax-ex321_070506.htm
<DESCRIPTION>EX-32.1
<TEXT>
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<HEAD>
<TITLE>Ex-32.1</TITLE>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Exhibit 32.1 </FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B>CERTIFICATION UNDER SECTION 906 OF THE<BR>
SARBANES-OXLEY ACT OF 2002</B> </FONT></P>

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<P><FONT SIZE=3>The undersigned, the Chief Executive Officer of Systemax Inc., hereby
certifies that to the best of his knowledge Systemax Inc.&#145;s Form 10-K for the Year
Ended December 31, 2005 fully complies with the requirements of Section 13(a) or Section
15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78 (o)(d)) and that the
information contained in such Form 10-K fairly presents, in all material respects, the
financial condition and results of operations of Systemax Inc. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3>Dated: August 29, 2006</FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><U>/s/ RICHARD LEEDS&nbsp;&nbsp;&nbsp;&nbsp;&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><BR>
Richard Leeds, Chief Executive Officer</FONT></P>

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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>14
<FILENAME>systemax-ex322_070506.htm
<DESCRIPTION>EX-32.2
<TEXT>
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<HEAD>
<TITLE>Ex-32.2</TITLE>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Exhibit 32.2 </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>CERTIFICATION UNDER SECTION 906 OF THE <BR>
SARBANES-OXLEY ACT OF 2002</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The undersigned, the Chief Financial Officer of Systemax Inc., hereby
certifies that to the best of his knowledge Systemax Inc.&#145;s Form 10-K for the Year
Ended December 31, 2005 fully complies with the requirements of Section 13(a) or Section
15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78 (o)(d)) and that the
information contained in such Form 10-K fairly presents, in all material respects, the
financial condition and results of operations of Systemax Inc. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3>Dated: August 29, 2006</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><U>/s/ STEVEN M. GOLDSCHEIN&nbsp;&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><BR>
Steven M. Goldschein, Chief Financial Officer</FONT></P>
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