<SEC-DOCUMENT>0000930413-15-002564.txt : 20150521
<SEC-HEADER>0000930413-15-002564.hdr.sgml : 20150521
<ACCEPTANCE-DATETIME>20150521082122
ACCESSION NUMBER:		0000930413-15-002564
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150521
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150521
DATE AS OF CHANGE:		20150521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REX AMERICAN RESOURCES Corp
		CENTRAL INDEX KEY:			0000744187
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				311095548
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09097
		FILM NUMBER:		15881394

	BUSINESS ADDRESS:	
		STREET 1:		7720 PARAGON ROAD
		CITY:			DAYTON
		STATE:			OH
		ZIP:			45459
		BUSINESS PHONE:		9372763931

	MAIL ADDRESS:	
		STREET 1:		7720 PARAGON ROAD
		CITY:			DAYTON
		STATE:			OH
		ZIP:			45459

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REX STORES CORP
		DATE OF NAME CHANGE:	19930915

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AUDIO VIDEO AFFILIATES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c81478_8k.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
May 21, 2015</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REX AMERICAN RESOURCES CORPORATION<BR>
(Exact name of registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; text-align: center">Delaware</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: center">001-09097</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">31-1095548</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission File No.)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 50%; text-align: center">7720 Paragon Road, Dayton, Ohio</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%; text-align: center">45459</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: (937) 276-3931</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 96%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: left">&nbsp;Item 2.02. &nbsp;&nbsp;Results of
Operations and Financial Condition</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">On May 21, 2015, REX American Resources
Corporation issued a press release announcing financial results for the three month period ended April 30, 2015. The press release
is furnished as Exhibit 99 to this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9.01. &nbsp;&nbsp;Financial Statements and Exhibits&#9;&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%">(c)</TD>
    <TD STYLE="width: 79%">Exhibits. The following exhibits are furnished with this report:</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>99 &nbsp;&nbsp;Press Release dated May 21, 2015</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">REX AMERICAN RESOURCES CORPORATION</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">Date: May 21, 2015</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1px solid">/s/ DOUGLAS L. BRUGGEMAN</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Douglas L. Bruggeman</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp; Vice President - Finance,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 23.1pt">&nbsp;&nbsp;Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 23.1pt">&nbsp;&nbsp;and Treasurer</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>c81478_ex99.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>



<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Exhibit 99</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 9pt Sans-Serif; margin: 0; text-align: center; color: Red"><IMG SRC="x1_c81478a001.jpg" ALT=""></P>

<P STYLE="font: bold 9pt Sans-Serif; margin: 0; text-align: center; color: Red"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 48%; font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>News
    Announcement</B></FONT></td>
    <TD STYLE="width: 52%; font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>For
    Immediate Release</B></FONT></td></tr>
</table>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>REX AMERICAN RESOURCES REPORTS FIRST QUARTER
</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DILUTED EPS OF $0.50 </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dayton, Ohio, (May 21, 2015) -- REX American
Resources Corporation (NYSE: REX) today reported financial results for its fiscal 2015 first quarter (&ldquo;Q1 &lsquo;15&rdquo;)
ended April 30, 2015. REX management will host a conference call and webcast today at 11:00 a.m. ET. to review the results.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; border: Black 1px solid">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-top: 5pt; padding-left: 5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Conference Call:</B></FONT></TD>
    <TD STYLE="width: 65%; padding-top: 5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(212) 231-2938</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Webcast / Replay URL:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><U>www.rexamerican.com/Corp/Page4.aspx</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The webcast will be available for replay for 30 days</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX American Resources&rsquo; Q1 &lsquo;15 results
principally reflect its interests in seven ethanol production facilities. The operations of One Earth Energy, LLC (&ldquo;One Earth&rdquo;)
and NuGen Energy, LLC (&ldquo;NuGen&rdquo;) are consolidated, while those of its five remaining plants are reported as equity in
income of unconsolidated ethanol affiliates.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX&rsquo;s Q1 &lsquo;15 net sales and revenue
were $105.2 million, compared with $155.9 million in Q1 &lsquo;14, principally reflecting reduced ethanol and distillers grains
pricing. As a result of the ethanol crush spread margins and distiller grains pricing declines during Q1 &lsquo;15, the Company&rsquo;s
Q1 &lsquo;15 gross profit was $9.1 million compared with $36.6 million in the prior year period. Reflecting the softer ethanol
industry environment, Q1 &lsquo;15 equity in income of unconsolidated ethanol affiliates was $1.5 million, compared with $8.3 million
in Q1 &lsquo;14, leading to net income from continuing operations before income taxes and non-controlling interests in Q1 &lsquo;15
of $6.9 million, compared with $38.1 million in Q1 &lsquo;14.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Net income attributable to REX shareholders
in Q1 &lsquo;15 was $3.9 million, compared with $21.7 million in Q1 &lsquo;14, while Q1 &lsquo;15 diluted net income per share
attributable to REX common shareholders was $0.50 per share, compared to $2.67 per share in Q1 &lsquo;14. Per share results in
Q1 &lsquo;15 and Q1 &lsquo;14 are based on 7,900,000 and 8,149,000 diluted weighted average shares outstanding, respectively.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX CEO, Stuart Rose, commented, &ldquo;The
first quarter was a challenging period for the ethanol industry, as high ethanol inventory levels and volatile energy markets resulted
in lower production margins. In spite of these challenges, REX was able to partially offset these headwinds by leveraging the strategic
location of our plants, our operating disciplines and overall business model to continue to generate profitable operating results.&rdquo;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During the quarter, REX announced that the Board
of Directors of Patriot Holdings, LLC (&ldquo;Patriot&rdquo;) approved a merger agreement with a subsidiary of CHS Inc. (&ldquo;CHS&rdquo;)
that would result in CHS acquiring 100% of the ownership interest in Patriot. With total merger consideration expected to approximate
$196 million, REX&rsquo;s 26.6% interest in Patriot is</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">-more-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%">REX American Resources Q1&rsquo; 15 Results, 5/21/15</TD>
    <TD STYLE="text-align: right; width: 25%"><FONT STYLE="font-weight: normal">page 2</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">expected to yield approximately $44 million
plus an additional amount of approximately $5 million, assuming the full payment of the escrow holdbacks. The closing of the merger
is expected to occur on or about June 1, 2015 subject to the satisfaction or waiver of the closing conditions.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Balance Sheet</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At April 30, 2015, REX had cash and cash equivalents
of $141.9 million, $84.1 million of which was at the parent company and $57.8 million of which was at its consolidated ethanol
production facilities. This compares with cash and cash equivalents of $137.7 million at January 31, 2015, $82.9 million of which
was at the parent company and $54.8 million of which was at its consolidated ethanol production facilities.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At April 30, 2015, REX had lease agreements
as landlord for three former retail store locations. REX has two owned former retail stores that were vacant at April 30, 2015,
which it is marketing to either lease or sell. The Company sold two former retail store locations during Q1 &lsquo;15.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>The following table summarizes select data related to the Company&rsquo;s
consolidated alternative energy interests:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Three Months<BR> Ended</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">April 30,</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2015</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 56%">Average selling price per gallon of ethanol</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1.41</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2.14</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average selling price per ton of dried distillers grains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">144.23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">209.53</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Average selling price per pound of non-food grade corn oil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.31</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average selling price per ton of modified distillers grains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">79.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">91.38</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Average cost per bushel of grain</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.36</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average cost of natural gas (per mmbtu)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9.33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Supplemental Data Related to REX&rsquo;s Alternative
Energy Interests:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">REX American Resources Corporation<BR> Ethanol Ownership Interests/Effective Annual Gallons Shipped as of April 30, 2015<BR> (gallons in millions)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Entity</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Trailing<BR> Twelve<BR> Months<BR> Gallons<BR> Shipped</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Current<BR> REX<BR> Ownership <BR> Interest</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">REX&rsquo;s Current Effective<BR> Ownership of Trailing<BR> Twelve Month Gallons<BR> Shipped</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 44%; text-align: left; padding-left: 0.5pt"><B>One Earth Energy, LLC</B><BR> (Gibson City, IL)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">110.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">74</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 19%; text-align: right">81.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>NuGen Energy, LLC</B><BR> (Marion, SD)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>Patriot Holdings, LLC</B><BR> (Annawan, IL)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>Big River Resources West Burlington, LLC</B><BR> (West Burlington, IA)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>Big River Resources Galva, LLC</B><BR> (Galva, IL)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>Big River United Energy, LLC</B><BR> (Dyersville, IA)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>Big River Resources Boyceville, LLC</B><BR> (Boyceville, WI)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">57.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">5.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center; padding-left: 0.5pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">758.5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><font style="font: 9pt Arial, Helvetica, Sans-Serif"><b>n/a</b></font></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">264.5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">-more-</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<table cellspacing="0" cellpadding="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 85%; font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources Q1&rsquo;
    15 Results, 5/21/15</B></FONT></td>
    <td style="width: 15%; font-weight: bold; font-size: 10pt; text-align: right"><font style="font: normal 10pt Arial, Helvetica, Sans-Serif">page 3</font></td></tr>
</table>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">About REX American Resources Corporation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX American Resources has interests in seven
ethanol production facilities, which in aggregate shipped approximately 759 million gallons of ethanol over the twelve month period
ended April 30, 2015. REX&rsquo;s effective ownership of the trailing twelve month gallons shipped (for the twelve months ended
April 30, 2015) by the ethanol production facilities in which it has ownership interests was approximately 265 million gallons.
Further information about REX is available at <I>www.rexamerican.com</I>.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This news announcement contains or may contain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified
by use of forward-looking terminology such as &ldquo;may,&rdquo; &ldquo;expect,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;anticipate&rdquo; or &ldquo;continue&rdquo; or the negative thereof or other variations thereon or comparable terminology.
Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from
those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time
to time in the Company&rsquo;s filings with the Securities and Exchange Commission and include among other things: the impact of
legislative changes, the price volatility and availability of corn, dried and modified distillers grains, ethanol, corn oil, gasoline
and natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional
economies, weather, transportation delays, the effects of terrorism or acts of war, changes in real estate market conditions and
the impact of Internal Revenue Service audits. The Company does not intend to update publicly any forward-looking statements except
as required by law.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Contact:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Douglas Bruggeman</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Joseph Jaffoni, Norberto Aja</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">JCIR</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(937) 276-3931</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(212) 835-8500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><U>rex@jcir.com</U></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">- statements of operations follow -</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%">REX American Resources Q1&rsquo; 15 Results, 5/21/15</TD>
    <TD STYLE="width: 25%; text-align: right"><FONT STYLE="font-weight: normal">page 4</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Consolidated Statements of Operations</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(in thousands, except per share amounts)</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Unaudited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">Three Months <BR>Ended</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1px solid">April 30,</TD><TD STYLE="padding-bottom: 1px; font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1px solid">2015</TD><TD STYLE="padding-bottom: 1px; font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="padding-bottom: 1px; font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 66%; text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Net sales and revenue</TD><TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="width: 12%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">105,197</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="width: 12%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">155,924</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Cost of sales</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">96,070</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">119,289</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Gross profit</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">9,127</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">36,635</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Selling, general and administrative expenses</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(4,453</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(6,171</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Equity in income of unconsolidated ethanol affiliates</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">1,480</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">8,297</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Gain on disposal of property and equipment, net</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">483</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Interest and other income</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">218</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">48</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Interest expense</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(692</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Income from continuing operations before income taxes and non-controlling interests</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">6,855</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">38,117</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Provision for income taxes</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,416</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(13,920</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Income from continuing operations including non-controlling interests</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">4,439</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">24,197</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Income from discontinued operations, net of tax</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Net income including non-controlling interests</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">4,439</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">24,200</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Net income attributable to non-controlling interests</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(512</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,458</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Net income attributable to REX common shareholders</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,927</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">21,742</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Weighted average shares outstanding &ndash; basic</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">7,900</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">8,117</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Basic income per share from continuing operations</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">0.50</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">2.68</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Basic income per share from discontinued operations</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Basic net income per share attributable to REX common shareholders</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif">0.50</TD><TD STYLE="text-align: left; padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif">2.68</TD><TD STYLE="text-align: left; padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Weighted average shares outstanding &ndash; diluted</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">7,900</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">8,149</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Diluted income per share from continuing operations</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">0.50</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">2.67</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Diluted income per share from discontinued operations</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Diluted net income per share attributable to REX common shareholders</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif">0.50</TD><TD STYLE="text-align: left; padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif">2.67</TD><TD STYLE="text-align: left; padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Amounts attributable to REX common shareholders:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Income from continuing operations, net of tax</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">3,927</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">21,739</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Income from discontinued operations, net of tax</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Net income</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,927</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">21,742</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal"><I>Certain amounts
differ from those previously reported as a result of certain real estate assets being reclassified as discontinued operations.</I></FONT></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%">REX American Resources Q1&rsquo; 15 Results, 5/21/15</TD>
    <TD STYLE="text-align: right; width: 25%"><FONT STYLE="font-weight: normal">page 5</FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Consolidated Balance Sheets</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(in thousands) Unaudited</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1px solid">April
    30,<BR>
    2015</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1px solid">January
    31,<BR>
    2015</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt"><B>ASSETS:</B></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">CURRENT ASSETS:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 56%; text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Cash
    and cash equivalents</TD><TD STYLE="width: 8%; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">141,886</TD><TD STYLE="width: 1%; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">137,697</TD><TD STYLE="width: 1%; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Accounts receivable</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">9,928</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">8,794</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Inventory</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">19,566</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">18,062</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Refundable income
    taxes</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">843</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">3,019</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Prepaid expenses
    and other</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">6,116</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">5,810</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 1px; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Deferred
    taxes-net</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,363</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,363</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 30pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Total current
    assets</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">180,702</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">175,745</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Property and
    equipment-net</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">190,310</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">194,447</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Other assets</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">6,155</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">6,366</TD><TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Equity
    method investments</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">78,200</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">80,389</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt; padding-bottom: 3px">TOTAL
    ASSETS</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 3px double">455,367</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 3px double">456,947</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 10pt; text-indent: -10pt">LIABILITIES
    AND SHAREHOLDERS&rsquo; EQUITY <BR></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 10pt; text-indent: -10pt">CURRENT
    LIABILITIES:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Accounts payable
    &ndash; trade</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">6,778</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">9,210</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Accrued
    expenses and other current liabilities</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">6,746</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">10,347</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 30pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Total
    current liabilities</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,524</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">19,557</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">LONG TERM LIABILITIES:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Deferred taxes</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">42,768</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">42,768</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Other
    long term liabilities</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,672</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,658</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 30pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Total
    long term liabilities</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">44,440</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">44,426</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">COMMITMENTS
    AND CONTINGENCIES</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">EQUITY:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">REX shareholders&rsquo;
    equity:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Common stock,
    45,000 shares authorized, 29,853 shares issued at par</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">299</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">299</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Paid in capital</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">144,791</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">144,791</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Retained earnings</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">448,365</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">444,438</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 1px; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Treasury
    stock, 21,954 shares</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(239,557</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(239,557</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Total REX shareholders&rsquo;
    equity</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">353,898</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">349,971</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 1px; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Non-controlling
    interests</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">43,505</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">42,993</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 30pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Total
    equity</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">397,403</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">392,964</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 3px; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">TOTAL
    LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">455,367</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">456,947</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">- statements
of cash flows follow -</FONT></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%">REX American Resources Q1&rsquo; 15 Results, 5/21/15</TD>
    <TD STYLE="text-align: right; width: 25%"><FONT STYLE="font-weight: normal">page 6</FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Consolidated Statements of Cash Flows</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(in thousands) Unaudited</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; text-align: center"><B>Three
    Months Ended</B></TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; text-align: center"><B>April
    30,</B></TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1px solid">2015</TD><TD STYLE="padding-bottom: 1px; font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="padding-bottom: 1px; font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">CASH FLOWS FROM OPERATING ACTIVITIES:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Net income</TD><TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="width: 12%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">4,439</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="width: 12%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">24,200</TD><TD STYLE="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Adjustments
    to reconcile net income to net cash provided by operating activities:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Depreciation, impairment charges and amortization</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">4,956</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">4,187</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Income from equity method investments</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(1,480</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(8,297</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">(Gain) loss on disposal of property and equipment</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(483</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">5</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Dividends received from equity method investments</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">3,634</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">5,012</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Derivative financial instruments</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(394</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Deferred income tax</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">5,339</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Excess tax benefit from stock option exercises</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(241</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Changes in assets and liabilities:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 20pt; text-indent: -10pt">Accounts receivable</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(1,133</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(406</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 20pt; text-indent: -10pt">Inventories</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(1,504</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">177</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 20pt; text-indent: -10pt">Other assets</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">2,075</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(1,020</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 20pt; text-indent: -10pt">Accounts payable-trade</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(1,629</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">580</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Other liabilities</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3,587</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,320</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 1px; padding-left: 30pt; text-indent: -10pt">Net cash provided by operating activities</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">5,288</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">26,822</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">CASH FLOWS FROM INVESTING ACTIVITIES:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Capital expenditures</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(2,507</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(547</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Proceeds from sale of property and equipment</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">1,402</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">30</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Other</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">6</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">500</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-bottom: 1px; padding-left: 30pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,099</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(17</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">CASH FLOWS FROM FINANCING ACTIVITIES:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Payments of long term debt</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(7,476</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Stock options exercised</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">930</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Excess tax benefit from stock option exercises</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">241</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 1px; padding-left: 30pt; text-indent: -10pt">Net cash used in financing activities</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(6,305</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">NET INCREASE IN CASH AND CASH EQUIVALENTS</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">4,189</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">20,500</TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">CASH AND CASH EQUIVALENTS-Beginning of year</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">137,697</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">105,149</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">CASH AND CASH EQUIVALENTS-End of year</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">141,886</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">125,649</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: justify; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt; font: 10pt Arial, Helvetica, Sans-Serif">Non cash investing activities &ndash; Accrued capital expenditures</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">250</TD><TD STYLE="padding-bottom: 3px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"># # #</P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>x1_c81478a001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 x1_c81478a001.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!6`*,#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@`H
MHHH`0G'T[GT_S_GWB:=%QD/R2`0C%1A6<EV4%8T`0YDD*INVINWNBLLK`!`3
M@M(J@=R2<8[=.I]@<`G`/$?$#XB^"OA?X+\1?$3X@>*-(\&^!_"&CW'B'Q+X
MHUZ[CL-(T71+2-FGOKRZED6-%*G;;PL)+F[N3':VMK/>/#"5"%:M6ITJ4)RE
M*<80A&//+$3G91ITXJ\N;F=K)-R;22(G/DU;7+;TM9J[OKW[*R1V8NXBJL.5
M96=2&C*M&FP-('#[-@9U7)8$D\`@$CXP_:5_X*(_L8?LDP2K\>?C_P"`/!FM
M1V[W5OX4&J1Z[XRN0J2%3;>%M$%_JPW;&C6>>W@M!*\4,ERCW$"R_P`AW_!1
MC_@X"^-W[0NN:]\*/V,-3\0?!_X.->-X?/CW3(GB^,?Q)N96N+&*2T>T@GU#
MP=I>HQ.ESIFF:$JZU=K<:?,^K:>(KK2Y>%_8L_X-]?VO?VJ9+7XH_M"Z]?\`
M[.7@/Q3<PZU?7_CA9?&/QV\;6D_ES#5C8W4@?2;B^CG:X@NO&NKW%VJ!0NBW
M*3?:+7^A<J\$J.395A^(O%//\'P?E>)IK$8;+U7A5SK$T91C.G&.%4:M12J1
MN[1IRERW:<4KG%/'<TG2H4W.=DU/>&MM';2ZOWZH_97XE_\`!T+^QUX=NVMO
MAE\'/C]\4((U8RZM=:=X6\":-(@#8GBGUG7M3O8X'(38;C1+7,;F0RQ&/R9O
M'?#?_!T;H_C#4([7PI^P3\7?%L+7`@)\'_$BV\27(&2N9+?0_ASJ%@S;BJ-&
M=10^8Z)NVDU^G/[.W_!"G_@G7^SY!87E[\'X?C7XMMGAN+GQA\:;B/Q?<7.H
M0[=MY!X:6VL/!]C*I5A%-%H+WD$,DUJEV\%U<I+^J_AGX>>`?`5C#IG@KP?X
M4\&:6@6.VT[PKH.F>';-`HPJ"VTB&P@<;5)V&(DXSD[:^;S3._!C"<^'R'A'
MB#.N1<L,RQV<XG`_6)6C>4:-"G/EAJW&\$]DX]BDLP7OXFO1HT6_B]C&4H[6
M34FE^/5/8_'CX)_\%JK/XDS0#Q;_`,$]/^"A'@*WNG6&/7--_9ZUOQ[H%NLC
MQ`-=7VAO:ZL+7:6E:>#0YE`C"^5OD05^P/PX^*7A?XI:#;^(/#4/B2RMYT#/
MIWB[PGXB\$^(+5L(62\\/>*M-TG6+<H75&D>S\C?\JRL:Z_R8P03(P;.!]U!
MG!&,D,Q7!R0I!..'`)%2`-&?FDG8<Y`$[*23E3M*2D`*,<2A>1E23D?FN;8W
M*,1)5,JR2OEJDXI4)YA4Q25K)MRK4*<M=[W?IHSKC:3:AC%6Y=9<N&:^7NRL
MG\NO3<T/,4=3CW/`_7_/IFC>O0$'Z%?\?Y54#!O]:<)W,A=?3C#@>_\`6G-+
M&F-@R#QE#%P>O4N#DXSA1^&:\MQVC?EFTFD[22O:VV_7HEMJ.%6G/2+E*:;3
MBU&EJK7TG)-?EV3+08'IFG55AD+.1LF`()W.,)VZ')!/ICC&:M5"C..DVI2W
MNE;1JZT-+27Q1<7V;C+3O>+:U]0HHHI@%%%%`!1110!')((PI*DAF"D@J`I(
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M'%9ARWH9?*I*RI+%NU.%=M\M>=.G:TKK]Z4G5P#M9=RLPW8^ZI`!)!(&[<"H
M)R5R>,$!QD4#(RPSCY0#_7_/YU\C_L>?MB_`[]MCX0:'\9/@?XHM==T74K:*
MWUO1'FM8_$/A#7D)6[\-^)=*@N+A]*U&QECGC@02W%G?6RI>6%U=6DD%Q+]6
M0W,3O(B;E=`2Z$$XP%R&.-JL1(I"/AG7+*"JL1=.=.JKQDGZ---Z:)K6UVUU
MV>MTSR,XRS,<AS/&9'G6%KY3G&#Q-7#5L#B:<E4HU:4K.G/F2]YKWDUI*#C.
M+E&2;?=L&C*%)&5@=Q0J&5=C'*LW1PVTQ[06,NP?*I9T_BK_`.#@W]L?X@_'
MG]H3P?\`\$Y_@1#K>O6&@:SX8N?B)X;\'7$L^J_$7XR^*8K>70/!(AC>:.ZL
M/!&C7%IJUU9W%J]DNIZ@;B^"C38;FW_M2N"^P&/!;#&-23][8^[`R`2(PY56
M)!(4G!&1_.1_P2)_8B?Q3\=OVE?^"F'QNTE=6\>_%SXU_%JT^`%OK=J)+CPM
M\.8OB'XBM9/&=M%<0-]GU?Q/#;C0M-U!))I8_"MC&(Y86NG@B_4O#'-LDX5Q
M><<<YQAZ&.?"F&H++<NQ/OT\5FN91JQPM5T&FJL,,J,ZE723A%<RB^16\7%Q
MK5:,(THN,O:<E2Z3T3BFUU5V[+:^QW__``2;_P"")_PR_8ZT/PW\8?CGI^D_
M$K]JI]-M9QJ%VD.J>&/@H+A&NX?"O@"&ZM3!=:UIJWLPU[QA=K=7.HZC<RII
M[6UK96\D_P"^T5HR2AOD*@3<,A9E::1))/*D9BT<+.&9X"95R(A$88XA&4MH
M7@*@K%A(V$01"OE)(X<P+TX7:ADE/SW,F'=8_+13?9]N!M))!Z`8&%9N<D<$
MKM&,G)'09(^*XFXAS?C#-,5F_$.-EF>(Q=65:#J)NCAZ$GS4</AJ+;C1H48V
MC3IQTBGNWJ=%"E#"TXTXI:V=Y>])RE9OWM]U9=EIV95G980'=&8%E3(4NJEL
M[6(!#$$X0!`[%W4!#DD?FE^VO_P5G_8Q_841M'^+WQ$.K_$E[::XL/A/\/[(
M>+/'%RL4<FY+Z"TE31_#:*XC62X\2ZQHT:--;@,YG0-Y=_P6N_;U\1?L+?L;
MZMXL^&]Q;67QD^)GB&W^&7PQU&\BAE3PYJ>J:3>ZGKOBT6\SJDQ\/>&[34)X
MV.Y;>]EM[A@5A(;^1W]AC_@BC^V#_P`%%93\;OB%XAO/A+\,/%NJW>JZQ\7/
MBG%JFM_$[XD//>)OUCPIH5PR2ZN;Q7N9SJ^O7VDZ"D`M$T9]82>5].^,S#'U
MJ,X83!PG/%2M)S?*X0IR2:TLDMM$]6[)IJ[/ZI\&/!#A#B#AW'>*'C)Q:N#?
M#O*\1+!8"C32J9CQ7F-.4?;83+J5ISINA)QIU)4XRG-S;BX<DFOT7^*O_!UA
MXQDO;J'X#_LK:-!HHD/V76?BWX[NKZ\D3;+@/HWA2-;>";<8F8IKUY'&JRQ!
M)3*)8?D/4_\`@Z`_X*$W=U//I_@7]F/2H'8I#9CP/XTU.9`3D9NV^)%LT@4#
M!S9H"<$$8`/[]_!3_@VX_P"">7PWM[*3XB:;\2_CSKUK;*9[[QGXYUKP[H<E
MR'B^>ST+P-<^'Q;Q'$FZSN=0U"V*R$O%+(D,T/VKI?\`P1L_X)?:3"((OV+_
M`(-W6[&Z75]&O];O`P4=;[5=0O;H@@'+22\L1DDD"N)87B+$-598VG3NDN6,
M%!II1UT=M;/2W1:]3]3GXJ_0OX9M@\C\',[XO]CRT:F<9O.E">)G&RERX?&X
MJ-2,(_8DX1<DVY/FV_E`T7_@Z%_;]L'ADU[X8?LU:_!&^Z6W_P"$1^(NAS2I
MG^"ZM/B,\:MC(5)HI8OF+M&S(F/K[X9?\'6FNK+;0_&7]D"SFMW(%SJ7PT^)
M($J#=&"\&C>(M$A5B4\UA%)XB+%_+3>%+NO[S^(/^"*G_!+7Q%%)#>?L=?##
M3UG!Q)HR:WX=N!@%<"YT75+2<)\^[RF=X2PCD:,R1Q,GQ]\3O^#:+_@G)XUA
MNY/!5I\7?A#?3HYMF\'?$6[U/2K>1E;8ITKQ=9^(()+<.R.T<;6]TS0HB7L4
M331RY?4N(*,M,5"H]&IS@IWM;3F?;9:Z;M#?B?\`0IXB;PV>>#.?<-TJZC!8
MO*YQM1E[JE4YL)C);/67+'FTM:2T?HG[/'_!PG_P3@^-%U8Z=XE^(7B?X`>(
M+]EMX]+^.7AB]\-:6)W>-!GQMIDNO>"+6V+.=EQJGB'3U=06.P*17[3>#_B%
MX*^(6A:=XH\!>*?#_C3PWJT2SZ9K_A;6=-US1K^%UWK+8ZEIUS<6=Y&4#-YE
MM++'A6.[CG^+/X[_`/!J]\9?#T-[J7[-G[1G@[QXEM!)-9>%OBWX9D\&:O=3
M*&=+:V\6^'XO%%@SL%$2-=Z3I4<AD,KWD`B\BX_)J\^%_P#P5=_X)&>*I_%E
MIHOQL^`UA83K+?>(?"+W'C[X&:LKSI/*GB%+2T\1_#&_L+PV89Y?%FCPW$7E
MJ838WXMY8]HYEFN%J>SS'!.5*/+?&TFG3M)*R<;ZN.WNM7O=)JQQ5?H]_1\\
M1Z-;_B"?C!1R?.W#VV'X6XSHK!PK-J+C2H8ZO&C54YM\K4Z=649>[J[V_P!-
MP749<QYP<$Y)7'&W.<$E""P&)`C$YPI4$T]I0HSM.<].`2/4<\CI^=?RH?\`
M!.G_`(.2_AO\7;S1?A=^VUHND_"#QUJ+P:9HOQ<\-"ZN_A1XDF<IY-SXEL;J
M[O\`5_`%W?9>9Y[N[U;P_"D<DXO=$LD\BOZC]*U[2O$6E6.K:%>V.M:=J5E:
M:EI>HZ;<)>:;J6FW]NEU97VGWUJ\MI>V=W!(LMM=6T\MO<1DM#+(%;'M83&8
M7&6>'Q,*T'+E<DN5QEHN5IVLUJW?S:ND?RAXA>&''?A?FL,HXQR&OE=>M>6!
MQK_>91FE'1QK8+,(<]*I>+C*4(RYJ?-%347*)T2N&P.^-WT!Z<^OM3ZJ6\F=
MJ%"CE"S+_<((`4Y)(+#D=1@`YP03;KKE'E=OZ_!L^`@V^92<7*$W"2@^:*DK
M7BI?:M??2X4445)9#,I8*00"K!AG."1G@XYP>AQ7+>+_``MH7C'P[J_A3Q5H
M^F>(/"_B&QGT;6=&U:U6]T_4].U.-K2[L+VVE5HI[2ZBE,5Q#.C131,T+C$A
M8=<V,<],C_'^E,D02+MX(SG;G`8@$J"0"5`;:V5&05'!&0596DK7YDT_2RM;
ML]_^&"%2O2KT*]"M5PU7#5(U</B,/-TJ].I&49QE"I%J47&<5.+5FI)---7/
MX4OVR_V-?VO/^"'GQYU+]KO]A?6O$NK_`++_`(GU(S^)_#;1WVN^&O"5NU[-
M>7?@[XP>'K%(UOO#$MPEO#X/\;07]K?:1&EMH$DL5P+&+5/W0_X)V_\`!=G]
ME;]LRTT+P)\0=7T_X`?M#3P0V.H>`_&VKQ6/A_Q%JD[VZ;OA_P")=0:UMM=%
MVS":#1KY;7Q'8P&1#9RV\4US7[?Z]X<T7Q%I.H:%X@TS3]:T;5[.ZL-4TK4K
M6&[T[5;.]B:&\LM0L9TDM;RVNHCY4\5Q'*D\3/#(C1NZO_)Q_P`%#O\`@VL\
M,>/;O7/BC^PIJ^D?#SQ'?RW5]??`?Q--.GPSO;[9<7WD_#S59HKUOAPUU/$H
M33;][CPU'<38TNX\.1@V.H^14PV)P"=?"/GH1ES3H3O.=VTVZ<F[ZO5):)JS
M4E9']<\/\?\`AAXPY7@N'/&J,.'N)LOI+"Y9XH9;1C&O5245AEQ+AH0G'&R@
MTHU,76Y7*+;4J,N:3_K16:"YB^3,UJ"/G5#(LQC'G(82A)E4E58-")A(BL`O
M)*5-#TNQT>T@TK2M.L-*TG3[=+6RL--MXK:U@AC9VBMXK2&%%M4MXF1@K,K2
MSW-T[01A5>3_`#JOAY_P4._X*T_\$F?%4/PE^+</CB'PWI+K:67PO_:(TW4_
M%7A>XTVUE2)X/`/Q`DN[F5]'*1,EE<>%]?.E1P22EM/#^6(_W2_9L_X.C/V9
M_%MM:Z=^TE\)?B;\(=:80VMQXD\$VR?$_P``FZ8Q*-J6$NF>)+*)T\^X6--(
MU66..!H@TS,"2GGN7XFZJUIX9\KIU,-64O95'HN::LXSDKR4)-1E&+:LGH>-
MQ;]$KQ0R'"O.N$W@O$SAW%KZU@<SX1E3QV*K82I[U*M6RV%3VN'YX<LG"$Z_
M*V[O1V_J>SD=#D=N.A)P>OKZ_3TRY@'Y]<'`Z@J0PZ9R"5P>F0?>OSR^$?\`
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M65E#`D-O9V=M&B6MK9PQ%(H((3YC$E$NBYM0P$A>0=N1.H//.4WA>O+'@#%8
M/B7Q]X%\&V,^I^,/%WA?POIEJADNK[Q#KNDZ196T87<TD]SJ%U;V\2[5.6D=
M5X)/`R-7["G.59N#J224IMQ;:BDH))72:3ZZZNRLVR,1FN>YU@<HR.G4S+'X
M/)ZN,J9;E<</B'A*%?'58U<56AA(P;=>I-1<JB5_=ATBK=*K1PYP"X)QB,^:
M$&"2[CG"K@DD#DX`R2`?FG]HK]K'X3_LUM\);7Q_J:)J7QI^,7@7X*>!],M9
M[2.^U#Q3X[U=M&M;M8I9H7DTC0I@;KQ'<6_G3Z;9*2+6>]FLK&\_.[]L+_@N
MU^P#^S)H>LV7A[XF:=^T%\1[6-X[7X=_!F[M_$J2W6R0QQZSXYTXR>%?#=NC
MJ&EOCJ]S>6THB$5C/(R1M_-#^RY\:_VF_P#@LQ_P5N^`OC[XA6DECX`^!WC:
M'XJ6_@[0([MO!GPA^'?@G5K#Q7I%N+B>$PW7B7QCXBL/#6FZQK-P(KW6G:+R
MH;>SM1&/+Q>:TU6AA\,Y3Q$VO>5I02DTKR5]'H_N3>ES]O\`#OZ/7%6?Y5G?
M&?'&$J\)<"9!DN9XZOG>;4JN$K9CF>&H2J8/+,'0Q<*55RKU'"*J\CA)-J#D
MT[?Z`T4D<K&(K'O548HQ0D';&\BG#%F,:30EF(`'F+@DDA9ILJ%`0$=%4'&6
MVY('(4'`."Q&>F<XS6MU1KF21&'`VR*0`59A#(N_(R7:%XA]XA1&@R#Q3[ME
M6)%D!\N2>)'/(VF1U2%MRL'4F<QA60,58AFV(&D3T9U9T:?,H3K2C&#5."?-
M.4TERQ5NC?1:*Y_.]Z<DI-1=-_%2=_9P:D_=Y=&G:W,^KN]F,CV7*8VLZ-M<
MC*D-&9&C5B'R#$X#2JPW;XE!QEE#5-3T6PUFSGTS4["SU+3[N&>UN-/U2WBN
M[&6V='AD1[&0&WGBD5Q$5=8RT$C!V*L\3_DEX9_;?D^-W_!6>/\`9-^%VL+J
M'@']G?X$?$#Q3\;;_3I3):7?QAUW7O!N@:/X2EDBEGMIAX'TF647FWRV34=5
MU6%S,;>!Y?V#B9V=]^#]UE(Z!6CC&$.,E3(DC9.."O!.0OKYME6-RN6%H9C3
MY)XW`8;,84*D5>&'Q:E*BIIZJ4H04M;249)22::*I5(QE2J8>3I^QFITG2E.
M'LZBU<HM-24D^J=KKU/Y[OV[_P#@W?\`V2?VE;'7_&/P(AM/V8?C)?)<W,-[
MX2TB*Y^%'B#4'6:9AXM^&D!MK%4O+CR6FNO"[:3LF47E[I>MR)Y+_C!^S'^U
MO^W5_P`$(OC'IG[.7[:GA;7_`!7^R;XCU6&WTG5;6\U/Q5HGA_3DDQ=>+O@K
MK=R8)Y=.B@AOKS6_AMJ%MI>JS%9+KPQHL$NF'3M2_NPN`&"`X^]P2H9@2"/D
MR#M<@D!O0D=Z\#_:#_9T^$'[47PJ\1_!OXX>"=%\=^!/$D#)+I^J1&*[TV^A
MW2:?K.@ZO$O]H>'?$>F712ZTO7=,ECN[&908]P+JWR.)RA1J?7,$O8SNN>G2
M2C"5E:[A%*+;2=WH]G[R5C^B^"_'_'QRU\$>*V#J^(W`&*INA/`9I4]MGN2P
MG9/,>&<TJN5>CBL%[M186I-4ZS@H*5.+;?;?"OXH^!OC#X%\(?$SX8^)-*\:
M>`_&^B0Z]X;\2:+>6]]9:EIMWL>WE2XCD(\V+>;>]M<?:K"\26SU"*VNXI(5
M](,V"`4;&#ELC"D$?*><Y.<C`(P#DC*Y_F@_9#\!?&#_`((W?M36/[*7CKQ/
MJ_Q'_8#_`&FO&$D'[/7Q.UI7\_X0_&C79$ET[X9>-`B0V.EQ^/FAO[/0=1T=
M;JUU+Q';V5SJR:=+KEQ-8?TF6<S3S?+O*&)'+N456+LQ:(1[_-$D">4\I>)(
MQ]IA\MW8RK%ZV$DZU!59IQ:E*#4GKS1L^6^]FG>+LTU=;JY^3<><,X+A7-:,
MLBQ4,\X4S6"Q^09I17LZSRVO*U*AF5&/-[#-,'*]#'T;^Y449-6G%&H9<'&U
MCP#D=.0#_6BFE9.S$#L!C_&BMUR]E\Y-=O)VW_/LSXETZC;MB(I-Z)PC=)M6
M3?E=(D<$@8I5!`(./PIU%0:$31[F!)SM.Y3DY!_(]/3(^HJN]J'!!5<;RVT$
MC)V.@(?!:,C=G>A#<$#AFS=HJE)J_5-)6>JLO+;7J][[6,U2@N9):3_B+=5$
MK651/XDK:7V/*/B=\$/A/\;/#%]X-^+_`,._!WQ*\,:E$T5WHGC/P_I>OV!5
MHI8-T<>H6LY29(9I4CN@PNHQ+)LF3>:_`+]I3_@V1_8R^*$U[KGP)\6?$+]G
M'7)5F>/1M&U`^/O`;2.)66UA\/>,I;S5M&L3.\<GV3P_XBTRQ@2(QQ:>3(LD
M']*E-8,0-N,YY))&T8(W``$,0<?*<`\DGC!XJ^`P>(357#TI7=[\B4EJG922
MO;3:]NQ^@\%^*/B%X>8F.*X-XNSO(91=_8X/&3^J25TW&>$J^TP\HNUG^[3M
MI?:W^?K\9O\`@V$_;Q\#S37'PP\6?`SXUZ0&E:+[)JFM>!O$K*OF&-I-%\2V
M&IZ,MR0%B\ZU\4H0TI58O*:9HO@KQ%_P2/\`^"JGPDN)D@_97^-=D80P_M#X
M97EKXB2?80Y?[=X)\17-YY;;%?RYH4M]RQ>85G$*M_IZRP,RX/E,&/[T^2GS
MC!'SAED##ID83_>`R#$(TB0+\B#[B"%&A1%)R<JDJHOIOPN,XXSSY=3AW#RU
MPTZ]%725.%:487TVBEI?=N_;2R/Z3RGZ<_BSA:-.CGV5<&\5*%N>KF.3.GC:
MZ37\:>'O3DW_`#1C!M;KH?Y95W^SU_P5.T-CI]Y\(OVXK9R/*6W7P_\`&1XT
MY^Z7LX9HRO!X,H3IR.`=72/^"<W_``5#^+MY;0M^S!^TYXD>\VA)_&NB^)=*
MTX%F5?,N=2\8:K:VEJ%$A(F<PS`$X=8O--?ZC_FJKJ#*N,$\L&5@#@@N25+>
MBYWD9/*YIK%9"KP.<*Q#)ME&XX(VLOF1A0Q/WI(WBP""N67&$.'9P_C8RNXZ
M6IQJ13L[->_4[V?V=ENSZ.7T\.(94FL#X4\#Y3B8VE'%?5ZSBIJUY\BPU.6L
MK/\`BZ/2S1_`I^S-_P`&R_[:/Q.U/3;O]H'Q%X$_9R\()<PW%[!!J%K\0OB?
M+:I)$TBV.G:*)/#-E>3QM);QW>I>+]1@LHWD=M#N)V@EMO[%OV'O^"??[.W_
M``3\^&\WPY^!'A>:U?6IXM0\9^.-<N?[7\<>/]9$<H>^\4ZR]I$[Q6B$PZ9I
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MSMW_`(!_\%E_^"Q'@[]CKP7K_P`!O@AXAL/$G[4?BK2Y["X_LN:WO;7X+Z1J
MEM/:OX@\1W-M/+-8>-)Q/;IX.\.2VC3S7-RNH:G)I=C;+<2?E;_P4$_X.0?&
M/CO3]=^&'[#.@:]\-=`O8I-/O?COXOT[[)\0'LIQ(LLWP]\-3#4;31HK^`1R
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M@J=N`0RY`;D,K#J/;`Z8'KWLT5\M%N+;6M[:/5:>1JXW<7>2<7S*SM=KN[7M
MW2:OUN>3_%[X.^#/CC\/M<^&_P`0])M=7\/ZW&K_`#+LO-)U.TG2[T77M&N1
MF73];T+4(K;5=+U"!UFM[ZTB8$J[UW^B:==:7I>GV%S>R:E<V6G6=E/J4Y*W
M%_-:0QQ27TT:_NHY[YQ)<W&SI)($W.B(5V:*+V32T3U:6FM[WT\[_>^YM.M7
MJ4Z=&5>LZ%*I4JTZ'._8PJ55%5)1ALG)0@I6M?EC>[2:09P,]:*6BD9<J[+^
MOZ_/NQKN$4L<GV52S'V55!9CC)P`3@$]`:C:<+G<KKR`F[:OF%@-H3+`AF=E
MC"N$8N0`".:^4_VN?VG+;]F#PCX%\03>'-!\0W'COXBV7P^LF\6_$C0/A-X3
MT6YO/"7C+Q4-8\0^.?$5K?6&D6$<7A&6PR+.>5Y]0@*KL22OCJX_X*B026GP
M\_LCX9^![/4/'^G_`!9N[F]\?_M%?#[P!X#@OOA)XIT/PGJJ^!?B'=^'=2T+
MXHZ7K4VOVGB3PKJ6A&.;Q%X5MM1UG2+6Z33+FT/IX;(\UQN'6+PM%3P]Y1YG
M.DM8249>ZZBFDF[7<5&[24F]HE6IP=I)M^2>M[65]K_C9^C/UO>YCCW;PRA0
MQ)8!0<(TF%W%=Y*JV!'N.5;(`4FC[0#)Y6T[\,0I9`S*@CW,JEMY53*JL=N%
M;AL93=\06G[8:GX[Z)^SE=?#G6F^*?B&WTSQAI2:9J]EJ7@^]^"$_A[[?K7Q
MAB\:C2[2RO/#_A_Q9"_@5]+%O::OJ'B#5M.;3K2\LKC[<EKQ/^VGX.\(_M1:
M/^S)J?AO6A-J?A`:U?\`Q'66SMO!^B>,[ZW\0:YX;^&VIF\GB9?$?BWP7X3\
M4^+]':QNKQ(;+18[+4X[*\U73(IN*OAZ^$<5BHJ#DHM6DI*2E;E:E&334M;-
M::/70]'+\!B\T<X8##5,35C"<_91LI<M/E<IM;\JOVN[I*[W^V1)D'Y3D8X&
M">>^!_GZ4AEP/N/GTP`2<9P-S`<XP"2!GC(KX*\,?\%)_P!C;Q/JMEIVG?%2
M>S?4X;.>#4O$/@SQ[X6\/I8ZKI^H:OH&I77B#Q-X7TG1+#2_$VGZ/JMQX;U.
M\OX+'6ETZZ2QGDD$:27'_P""B'[*VI^'['5?#WQ`N-8OM<U8Z%X=\/\`_"(>
M.8=8U34[GPU=^+]#N-0TC_A%Y-:\/^&M=\+V<_BK1_$VL:=8Z5JN@6EQ>Z;<
M7C1M;ME*4%U332:?,KZJ/9N^_G?IKH=KX6XHBTJ^29G0>SC'!U:BM>RES.FE
M=V=TVK73=HM,^Y_-5^`'!&,\#`/&4+`E21G!VE@.>>E0SL@13L\W#-\H3>2?
M+?"A_E$1)QAW^3&4^\P(^*M"_;]_9HU""ZCN?'B_VKI?@C0/%>LZ=I'AKQCJ
M]G!>ZWHFC^(?^$;TK58/#RV.L^)I+#Q+X>GMO#=G/-KTL>IP9T^.1+N."6T_
MX*#_`+)FHW7A#3K#XG&>\\=W%U::+"WA'QKMM+FT\977P[GM_%>?#P/@IHO'
M=K_PB,[>+ET>.VUVYL;*Z:"2]M_,F,X)\W,]=U?2SY>SWU\]>QC4X=SZ-*K.
M.5YFI0M:K]2JI*]GV2O;39J]DWL>A?'"Q_:>DT^"]_9JUOX$6_B""WDCN=%^
M-/ASQC?6=S*4:10->\$Z]:WUBIF6*(@Z+/&L9=G+R>7C\;_C3\4/^#CK1OM<
M'@7]GS]B#5;579$UGX>>(]9URZ:,)*5N(-,^)GQ`\+N"<*QBGTI45RB-+M9E
M;[S_`&I_^"@FE?LY_%&_^'L_@;PEXB@T/X9:=\5-2U3Q/\</`WPTU;4+'5==
MU[PYI?A7X=^%/$VES3>-_'6HZOX?N=,T70;>_L9=5U'4-*TVPNY[RZFAM_43
M_P`%!/V5=,D\1P^)_B;%X6U7P=X1D\5^+=(U_1O$EC<Z+]@T.Q\0:[X92X?3
M8M.U?QEX=T_4K%];\*:))?Z[8RRR0S6?G6E[%9_293Q-1R6477X>X5S91FY.
MIG>$57$6O[U-_OZ3E&*^!SC-)?"D[IE3A'/,1AZ&*6&SBK&I2ISBJ,*E2+C)
M1<9\M-22C).ZORWN]S^73XJZ'_P<^_&YI]+\167C_P`&Z;>H]J]A\*O%?P`^
M&&GO;N'C9&U+PIXJM/&*@K(<JOBM(W`$DN^:*%E^9_"?_!O'_P`%._C)XDM]
M>^+M]\//!.I:B[2WGC+XH?%6Y^('BFW:26,S33V_@^TUO5-6G>-Y?W.M^)9;
M1L-YNII<BT23^T#_`(;J_9D-]X)T^7XB36L_Q`MH;[14OO!WC73QIVFWGB:X
M\&:9J'BR2^T:U'@ZSU;Q9:RZ%IEQXC735NKI))5"V,-Q=PSZW^W-^R]X=T;0
M-<U+XD)-IOBBQ\,7_A^/2O"OC'7]0UB#QCXB\3>%=`?3[+1]'U"]O)+[7_!W
MB+3(;>&U:>>[LH+>U6>;4M(BU#]&P?CSFF5TI4>'N'>"<D3C9U,OR.E*=.5D
MG4A6E5;A--QW;2EHDCSEPEF_M$YY9G*NU&,?J=3E;2;TNFY2:A*3ZVBYOW5<
M_%?]DW_@V=_9G^%.IZ5XL_:7\>Z_^T/KVG7`NQX,TZR@\!?"@SM"5==1TJTE
MU/Q=XCBWLRM%?>*=.L;J"6:"^TR\MI'@;^C3P=X'\*_#KPQHO@SP-X:T7PIX
M2T#3[;2M$\-^'M)M=/T32K*T3;;VUAIVGP6EK9VT2C:L$445LO1(H26#?*<G
M_!0[]DN/3+_5XOB3=7=I::]I?AFQCT[P1XWO;KQ+JNL'5ULD\'6\'A^27Q=9
MB;PWXDM[G4_#R:AIEK)X?U9YKQ;>W2>7O/`?[8O[/'Q8\9CX=_#CXCVWB[Q,
M_A_3/%*R:'I.N:AH*:/K&DV.OZ6[>*;:P?PT-1U'0-1L]5M-%?5!JSVUPCR:
M?&\<R1?G?$W&7$?&&(AB.(<ZQN9J,E[/#5JK>$IZ*,5#"Q_=123:BK+2W,V]
M^[_5?.J-%8A9)F-*@N9/%U<%4]G%4U!U&VXI6BFN9[)771H^F(YP'^<`_(=S
M@X)*[<"*%#(=GS,&8L&5@JX967;:697QM5SD$D$`%3QA64D,&8$D?+C`))&5
MS\`Z'^U_XG\3?$7Q%!X=^`?B34?@)X.^)?BGX2>)_C?_`,)QX;MFT_7_``3)
M]G\6^)H_`<LEO?R_#?P[J$5]INI^,8=7EO8=1TRYL(O#LB/-<66]IO\`P4/_
M`&2M0TS1]5L/B1>:BOB'Q%8>&/#MK9^!?'5[K7B&?6=)\0>)?#^KZ3I%EX=F
MOKSPIKGA?PMXBU_2O%RVZ>'K^RT74(X-0;4;2XL8OE)U(4WI*5I/F2DK)745
MRQVM&/1*Z2^1K'(LUJJU#!8_$23492I8.<N23:2A-0BU!I.TDTFK7;2U/N`R
MX_@?\1_^O-+YG`)1QGU`'OQDC-?#>C_\%'_V/]?\,CQ9HOQ1N=1TNZO=%L]"
MM8/`WCQ=?\61^(M.UO5M'U/P=X5E\.1^)O%.C7>F^&/$]\=6T72KRQMK;P[J
M\UW+`ELIDT=2_P""@?[*EI=:S8V_Q"U'7+C0=,\*:OJ#>%O`/Q!\4VTEIXVT
M'_A*O#46GWV@^&-0L=3OM2\,[M>:RTZXN[NPTY'?4H;.8>32^L1TU7K]RZ_/
M^EJ0X;X@E*W]EYG>]K?4*J:TB];TU;XD[OOILS[2,Z`D'>"!N/R.1CZJ""?8
M$T"96VE0Q5@26P%VD;<*ZL5D5F#9`V8P#DC*[OSJ@_X*3_LZW/C#6M!AUV33
M/"7ARU\,:QJWQ+\1KJNC>#]5\.^*_A7JOQ<TW5/!FJ-831>);BU\.Z9Y6K:1
M;&#5M-U.1=,N;*.XGMS+V5[_`,%$/V2=+L]%U#5OB5>:<=<NO$-D+#4O`7Q!
MTW7]'7PI_P`(Q<>([WQ;X>O_``Q;:YX/TS0+#QCX9U"^U+Q/I^E64MEKEA<Z
M;+?1W",7"M&4DFU:^O2WPWZ[:V^_T-JO#'$-*'M)Y+FL:22E[?ZE4<&M6T[1
MLFE%W2=TE=I75_N7S%]1^)4?S:BLE+N&51)%$)8GRT<J7-DR2H2=LB'[5RDB
MX=20#M(R`<@%=5H?S=NG^'S7G]_D[>"Y1BW&7UI-.S7U:6ZY4_L/K?O;7L><
M?%GX)^#/C/+\./\`A-K7^T;+X;>/H?B'INE3P:?>Z1J^K0>%/%?@]+#Q!INI
MV-];:GH[:;XQU2=K0K!*NHP:?=QW"-:[)/C^?_@G'X4TBZ\%7'PT^+GC;X=)
M\.]*^(?A?P99?\(?\'OB#IOA_P`"^/O&FD_$!?`MA9_$[X=>+Y;7P[X3\1Z:
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MWK=-I73NG;5,R]4_X)G?`S5_"]CX/U35O&-]X?L_#WP!\++9/>Z2F_1?V?-&
M\7Z#X<MEF.C33V\FNZ?XWUL^(+NSEMKN2X,#Z?-I^"13^%7_``3+^#GPGATH
M:5XB\57<^CKXCTZUG6V\%Z(9-!\0?#C4/A<--NXO#'@_0K2^DTS0=0FU.TU2
M_L[O7;C6!#_;&LZK#;QO117!)*U-ZW4:=G=Z:KS_`*U[L]FEQ?Q-'#5J"SK&
M^RJ3J\\'434N:$(--N+=G%*-KV222LDC$A_X)A>`K3P+K7PQTCXQ_&3PW\.=
M6BT6\D\$:#K/AVTT2;Q;I,7@VRNO&&JR+X834-=F\06?@?3)-3\+:[=:IX0C
MGU76H/[(O+1[=$Z#X?\`_!-;X4?#[PYJGA^S\7>--3AU@6@N;B]/AS34@:V^
M.\_[0@.E:-X3\/>&/#NDH/&MS/"EO!I,UG%IS^5:6ME&]S!<E%**3:O=[1W>
MS2NM]M7][)J<6\22P->B\XQGLYU55E%3BG*HG3:FY**GS)QB[\V\4]TF>L_%
MG]B?X1_&OQ'XX\3>.;>]U/4O&OPP\._"])V_LP7'@^U\*ZWXE\2Z'XN\'WK:
M2]_I?C/3M>\1R:II^IQWD=I8WUA8736%Y]G$+^&G_@EW\'U\8_$#QK_PE?B@
M:O\`$73?%CZY=)I?@5;NY\8^/-)L-%\:^,;S4/\`A#_[5OF\46FEQ2:SX6NM
M1D\(W4NK^(+>/1;;3M1FLY2BJ^I83$-5*]"G6F[WG47/)\K5KMWO:[M?N88#
MBSB3#TJ5.CG..ITX04(056\(04(^[&+348OECS))*5ES7L4_"W_!+?X6^%;*
MSTRS^)?Q3?2]0BL+/XCZ.-3\-V^B_$S3=`\>ZG\1_"VC7^E6OA6&T\$^'-!\
M5:Q?WMMX;^&2^#=,^QW%SI$0@L]0U!KGH?!__!-+X:>%O$WA_P`0R_$WXJ^(
M+?P7KO@/5?`FA:M?^%8M+\)Z3\._&'C?QMX<\*V']E>$]/OKG2(M;^('B(WU
M_J%[=^);VQ_LFQ37;.'36-X44ZN&H8>*5"E"DERM*FN5)MJ3LE9:M)OSUW.^
MMQCQ/-<LLYQ;C47--7IZRDE3E*ZA=-TVZ=TT^2T$^5)+&\2_\$N/ACXL\,^'
M/"^N_$_XC:OI_P`-]<M]7^"]CK.F_#+6-`^$]O$GB>WN]$TKPW>_#]]/\3:5
MK6E^+]6\.ZHWC%M:U=/#UKHEMI.KZ9J%A<ZIJ/=?#'_@G;\+?A5\7/`_Q8\.
M^,O'AN?A[X(L?!.B:`\OAG3;&^M+7PI#X1E;Q)J7ASPWH6O>)=.FM$F\01^'
MM:U2]T*R\:7LFOZ?8VD-AH^F:<45A!6LTW=-6=VVK."5FW?3IVZ'+6XOXFJT
M'A)YWCWAJG/ST/;6I2]K%NK>$4H_O&VYZ>\VV[MN^U??L+>'+WQ5K=PGQ:^*
MVF?"KQ-XTO\`XC^(/@7HNJZ)H_@74O&^J)//J=[_`&QIV@VWQ`M/#6IZY<2^
M*=3\%V7C"WT;4O$LUSJ&H/=6ES/IDG#^%O\`@G#X"\&ZSX1\8-\2/B1XQ\3_
M``NL=*T+X8W/BK5M,6W\-^"?"G@'XD>`O!W@J<Z+HNGW>H:?IEE\4O$VJ:IK
M5W/<>*-6UG[/<6^LZ5I\^I:3?%%3**;N[O2/VI>3[]]?5M]6:4.*>(:$H0HY
MMBJ<7)7491UNX0DW[MW*4+1E)WE**2DVDK>9?!+_`()BVWA;P)\)-2\8_'+X
MBW'[0/PI\*>#/"GAGXJ^&3X+,7@/0O"_A[Q#X<N?!'@32]5\`1V-SX+U+3_%
MWB2"Z;QCI6N>(KB6\@OQJ=I<6ZQUW-Y_P2W^#*^!]2\">'?%_C[P[IFJ>*?A
MSXNN3]LT/6K.XU#X<?"RW^$-C:ZOH^KZ%/9>*--U;PS"=2N['Q,^J6NG^*([
M#6=)@M/[.@MV**GDCY]?M2ZJSZ]4DGW25]E;6KQAQ,J]22SG&*5H.ZG%?`U5
M@K*"5HU'*<5:RE*32]Z5\6/_`()0?!-]#TKPKJ?C?XD:AX1TOPCX6\,1^'FO
M?#,2&Y\(?"36_@[HVO0ZM!X6@UBUU2V\-ZPURX@NUTN[OK>$7.DM;(L(]#A_
MX)U?#^Z7QY>>*OB9\4/&WBKXG^`?B;\/O'?C+7;WPI8:IK>G?$W1/AUX;O\`
M4?[*\)^$O#7ARPU73="^&'ABPLKG3-*L5E2WEEU./4;MXKJW**<(J+5KJ[5_
M>EK:Z3>NZ3:3Z)M=6*IQKQ74<X5,]Q\X>R<>652+BHR<7))<MDI.$).V\H0D
M]8Q:^[K;P_;0V\$,DMS*\,,<1EDFC9Y/*14#.R6T*LY"@LRQ1@MD[1FBBBN]
=*Z3;=VDWJ_\`,^6EC\9SR_VB?Q/MWAY>;^\__]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
